Broker snap: Sell Carnival into any rebound, says Galvan

LONDON (ShareCast) - As more bodies continue to be pulled from the wreck of the Costa Concordia, Galvan Research and Trading has given its view on the cruise ship's operator Carnival (NYSE: CCL - news) , recommending to sell shares following the incident on January 13th. The death toll from the cruise liner, which grounded off the coast of Italy 10 days ago, rose to 15 on Monday after authorities found two more women on board. There are still several people passengers missing. "Galvan Research regards Carnival shares as a sell into any initial rebound after the Concordia tragedy," according to the broker's head of research Andrew Gibson. "Aside from the direct final loss, there is likely to be an as yet unknown impact on the cruise liner business generally, as perception of industry safety shortfalls sees potential customers avoid cruise-based holidays," he said. Galvan gives a price target of 'sub 1,750p', suggesting some significant downside to Friday's closing price of 1,989p. As for today, shares were down 0.45% at 1,980p in the afternoon. BC