HSBC analyst Ali Naqvi upgraded Carnival (CCL) to Buy from Hold with a price target of $15.90, down from $45.30.

The company's recent $6.25B debt and equity raise will allow it to maintain its $1.2B monthly cash burn till November, Naqvi tells investors in a research note. Given the recent positive peer data on booking trends and Carnival aiming for a phased return of service from August, the company's booking and customer deposit outlook could improve, adds the analyst.

This should Carnival to obtain covenant waivers, says Naqvi, who sees reasons to be positive on Carnival shares at current levels.