What happened Shares of Carnival (NYSE: CCL) were moving higher today after the cruise line got an analyst upgrade, the latest endorsement it's received following its second-quarter earnings report at the beginning of the week. The stock closed up 9.7% on the news. So what Jefferies raised its rating on the cruise stock from hold to buy and lifted its price target from $9 to $25, implying nearly 50% upside in the stock from its closing price last night. Jeffries analyst David Katz said the demand recovery could "drive a significant shift from debt to equity value" and make the stock more investible, which he believes will play out over several years as the long-term investment case solidifies.
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