Carnival Corp (NYSE:CCL) stock was down on Friday following an update from Morgan Stanley analysts.

Morgan Stanley lowered its rating for cruise company Carnival from “Equal Weight” to “Underweight.” It also decreased its target price for the company to $48. This is a $6 drop, or 11%, from its old target price of $54.

According to TheStreet.com, which has a “Buy” rating for CCL, Morgan Stanley lowered its target price and rating due to a lower interest in cruises in August. The Doral, Fla.-based company also saw cruise prices decline during that time.

As of the market close on Thursday, Carnival’s 50-day moving average was $46.44. It’s 200-day moving average was $47.93. The stock closed the day out at $48.70, which was 1.88% higher than its 50-day moving average.

Carnival’s trading volume was also down on Thursday. 4,131,346 shares shared were traded, which is down from the average of 4,550,580 shares, Breaking Finance News notes.

CCL last reported earnings on June 28, 2016. The company managed to surpass Wall Street’s estimates for both its revenue and earnings per share in its second quarter of the year. However, its guidance for the third quarter of 2016 was below analysts’ estimates.

The cruise company will be paying a quarterly dividend to investors this month. The dividend is 35 cents per share. It will be payable on Sept. 16, 2016 to stockholders that were on record as of Aug. 26, 2016. The company also recently announced the exchange rate of the dividend for investors living in the United Kingdom. The rate is 75.49449 pence for each U.S. dollar.

CCL stock was down 4% as of Friday morning.

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