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Carnival (CCL) - Get Carnival Corporation Report traded lower Monday after HSBC analyst Ali Naqvi downgraded his recommendation on shares of the cruise operator to hold from buy.

Naqvi also lowered the price target on Carnival to $43 from $68. The stock closed Friday at $41.14. In trading Monday, the stock was down 0.88% to $40.78.

The analyst, in a research note, reduced his target multiple for the shares to 10 times from 15 times to reflect "Carnival's lower yield growth outlook, weak booking commentary and increasing capacity growth relative to peers," according to the Fly.

Carnival cut its fiscal 2019 profit outlook in late September for reasons that included an increase in fuel prices. UBS cut its rating on Carnival to neutral from buy a day after the profit warning.

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The company said at the time that it expected a jump in fuel prices to cut profit by 8 cents a share. It also said weather-related disruptions, tensions in the Arabian Gulf and a ship-delivery delay were expected to trim profit by 4 cents to 6 cents a share.

Carnival said adjusted earnings for the fiscal year should be in the range of $4.23 to $4.27 a share vs. previous guidance of $4.25 to $4.35. Analysts surveyed by FactSet had been expecting earnings of $4.33 a share.