Carnival

CCL · NYSE

$27.06+$0.61 (+2.31%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $26.45

CCL analyst rating

BuyConsensus of 24 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy20
Hold4
Underperform0
Sell0

12-month price target · 28 analysts

Average $33.98 (+25.6% upside)

Low: $23.23
Now: $27.06
High: $45.15

Upgrades and downgrades

The latest rating actions, newest first

CCL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Tigress Financial	Oct 13, 2026	Maintains	Buy	$42.00	56%
Freedom Broker	Oct 1, 2026	Maintains	Buy	$35.00 → $36.00	67%
Argus Research	Oct 1, 2026	Maintains	Buy	$35.00 → $30.00	55%
Wells Fargo	Oct 1, 2026	Maintains	Overweight	$36.00 → $34.00	33%
Morgan Stanley	Sep 30, 2026	Maintains	Overweight	$31.00 → $32.50	33%
Susquehanna	Sep 30, 2026	Maintains	Positive	$28.00 → $29.00	66%
Mizuho	Sep 30, 2026	Maintains	Outperform	$39.00 → $38.00	38%
BNP Paribas	Sep 30, 2026	Maintains	Outperform	$33.00 → $31.00	80%
JP Morgan	Sep 24, 2026	Maintains	Overweight	$43.00 → $39.00	57%
Susquehanna	Sep 24, 2026	Maintains	Positive	$33.00 → $28.00	66%

The case for and against

Updated Oct 18, 2026

Bull case

Carnival is attractive because record forward bookings, 2027 booked occupancy and pricing, and nearly 14 million guests in 2025 point to durable demand and strong pricing power across its diversified global brands. Its Q3 2026 revenue reached $8.44 billion, adjusted EPS was $1.43, adjusted EBITDA was $2.99 billion, and onboard and other revenue grew 6.7% to $2.91 billion, showing rising guest monetization, operating leverage, and disciplined cost control. Exclusive destinations like Celebration Key, AI-enabled revenue management, and improving capital efficiency support expanding margins, higher returns on capital, and accelerating free cash flow, reinforced by $5.30 billion of operating cash flow in the first nine months of FY2026.

Bear case

Carnival is facing a fragile fundamental setup because, despite LTM net sales rising 5.20% to $27.59 billion and EBITDAR increasing 3.87% to $7.91 billion, economic profit fell 11.56% to $1.05 billion as higher capital charges outpaced modest operating gains. Its heavy debt load, capital-intensive fleet modernization, and proprietary destination investments heighten financing and execution risk, while weaker consumer discretionary spending, economic uncertainty, and intense cruise competition could pressure bookings, pricing, occupancy, and onboard spend. With fuel-price volatility, rising labor and operating costs, and possible weather, geopolitical, and regulatory disruptions, the company’s improving returns may still fall short of supporting stronger shareholder returns.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.