Truist Securities Reiterates Hold Rating on Carnival Corporation (CCL)

Truist Securities analyst C. Patrick Scholes reiterated a Hold rating and $31.00 price target on Carnival Corporation (NYSE: CCL).

The analyst commented: "4Q ahead on better costs as revs lite. 2026 guide ahead primarily on lower fuel costs; FY4Q25 (Sept-Nov) Adj. EBITDA of $1,447M was 6% ahead (+$80M) of consensus expectations of $1,367M and Adj. EPS of $0.34 was 36% ahead (+$0.09) above consensus of $0.25. Guidance was for $1,340M and $0.23, respectively. We see earnings upside from the cost side as revenues were $40M light of consensus (occupancy was 100bps. lower than Street expectations). Notably, while ticket revenues were up 5% y/ y, Commissions, Transportation and Other expense was only up 1%. Looking forward to FY2026, Adj. EBITDA guide of $7,630M is $80M above consensus of $7,550M and Adj. EPS guide of $2.48 is slightly above consensus of $2.44. We see 2026 upside vs. consensus primarily from lower than expected Fuel costs as Fuel expense guide is for $1,630M vs. consensus for $1,775M, not a high quality source of upside in our view. For the full-year, Net Yield guide in Current Dollars of +3.7% y/y is in-line with consensus whereas Adj. Cruise Costs ex-Fuel per ABLD in Current dollars for +4.6% is higher than the Street at +3.6%. Specifically for FY1Q26, Adj. EBITDA guide of $1,240M is below consensus of $1,293M and Adj. EPS guide of $0.17 is also below consensus of $0.19. Notably, reflecting a balance sheet that is returning to normalcy, a quarterly dividend of $0.15/share will be resumed in February."

For an analyst ratings summary and ratings history on Carnival Corporation click here. For more ratings news on Carnival Corporation click here.

Shares of Carnival Corporation closed at $31.12 yesterday.

You May Also Be Interested In

• Jefferies upgrades Five Below to Buy, sees path to TJX-like re-rating
• Brinker Int'l (EAT) PT Raised to $260 at DA Davidson, Neutral Rating Maintained
• Trimble Navigation (TRMB) PT Lowered to $73 at Bernstein SocGen Group