UPDATE: Jefferies Downgrades Carnival, Says Shares Reflect 'Best-Case Scenario'

Despite a slight raise from $31 to $33 in the price target, Jefferies analyst Ian Rennardson downgraded Carnival (NYSE: CCL ) to Underperform from Hold. Rennardson believes that Carnival shares reflect a best-case scenario with the risks being on the downside. In contrast, Rennardson is more optimistic about Royal Caribbean