Analysts' Upgrades, Downgrades: Carnival

CHANGE IN RATINGS

Carnival (CCL Quote) upgraded at Wachovia to Outperform from Market Perform. The increase in ratings was prompted by improvements in global pricing, expanding valuations, and improving comps. Valuation cited at $28-$30.

Carnival (CCL Quote) upgraded to Equal Weight from Underweight and price target increased to $26 from $17. Upgrade is based on belief that cruise pricing has bottomed as evidenced by commentary on CCL's earnings call yesterday. $26 price target is based on new 2010E EPS of $2.05 and a 13 P/E multiple.

Expedia (EXPE Quote) initiated with a hold at Kaufman. Expected long term growth and improving performance in a tough environment led to the initiation of coverage. Price target set at $16.

Fidelity National Financial (FNF Quote) upgraded at RBC to outperform from sector perform and price target reduced to $16 from $21. 2009 estimate reduced to $1.20 from $1.35 in light of higher interest rates reducing top-line growth (mainly in 4Q). $16 price target is based on 1.2x estimated ending 2009 book value -- a level well below its 1.5x long-term average and the level the shares reached back in April. ...