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Carnival Cuts Outlook on Higher Oil Prices

MIAMI ( TheStreet) -- Carnival (CCL - Get Report) shares fell amid heavy trading Friday after the cruise ship operator said higher oil prices will pressure full-year earnings.

Carnival also preannounced disappointing fiscal first-quarter profit results.

Carnival Cruise
Carnival Cruise Line vessels Sensation and Ecstasy

Analysts from Deutsche Bank maintained a buy rating on Carnival following the announcement, but lowered the price target on the stock by $1 to $50.

Carnival, which recently announced a 150% spike to its quarterly cash dividend , lowered its 2011 guidance by 40 cents a share due to the recent spike in oil prices .

The Miami company now expects to earn between $2.50 and $2.60 a share this year, compared with prior guidance for earnings of $2.90 to $3.10 a share. Analysts' consensus had been for Carnival to earn $2.94 a share this fiscal year.

Carnival earned $2.47 a share in fiscal 2010.

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