Credit Suisse Previews Carnival Corp.'s 4Q

Credit Suisse is out with its report on Carnival Corp. (NYSE: CCL) in anticipation of 4Q results.

In a note to clients, Credit Suisse writes, "Rising fuel costs will likely take the steam out of any yield driven 2011 upgrade potential when CCL report Q4 results next week. Previous discussion about lower yield growth in Q1 given excess Caribbean capacity is also likely to hold CCL back from being too bold at this stage. As such we retain a Neutral rating with the stock trading on a 2011 PE of 15x, broadly in line with our price target."

Credit Suisse has a $42 price target on CCL.

CCL is trading at $42.37.