Carnival Reports Strong 3Q

Carnival Corporation (NYSE: CCL) reported a strong quarter, as JP Morgan writes "for CCL's 3Q10, net cruise revenues of $3.576B came in above our estimate of $3.521B. The $0.18 EPS variance relative to our estimate was driven by better than expected top-line results ($0.07), solid expense management ($0.08), and lower net interest expense ($0.01) and D&A ($0.01). CCL beat on both the top line and continued to post solid expense management in the Q."

JP Morgan maintains its Overweight rating but has raised the price target to $51 from $44.

Carnival Corporation closed yesterday at $37.57.