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Wall Street analysts reaffirmed their bullish stance on Carnival Corporation following the company's second-quarter results and earnings call on Tuesday, with three firms maintaining buy-equivalent ratings and pointing past a trimmed full-year yield outlook to a good setup heading into 2027.
Susquehanna's Christopher Stathoulopoulos maintained a Positive rating and raised his price target to $33 from $30, writing in a note titled "We Believe Calmer Seas Are Ahead."
He called the company's view on the transitory nature of the European weakness fair, adding that commentary around 2027 bookings at "historic highs" for price and occupancy suggested customers were comfortable booking further out. Stathoulopoulos pointed to Carnival's exclusive-destination portfolio, anchored by Celebration Key, as a structural positive for yields, noting more than 9 million guest visits are expected across those destinations in 2027. He also highlighted the Evolution modernization program at AIDA and Holland America as a key driver of long-term returns.
Jefferies analyst David Katz reiterated a Buy rating and a $35 price target, implying 22 percent upside, in a note headlined "Short-Term Headwinds Won't Alter The Course."
Despite the yield trim, Katz said he still viewed Carnival as a solid long-term story, citing improving margins and more than $9 billion in free cash flow generation between 2026 and 2027 to support organic growth, deleveraging and capital returns. He noted the company has consistently beaten guidance on net yields, costs, EBITDA and EPS in every quarter since the first quarter of 2025, suggesting the latest outlook could again prove conservative.
William Blair's Sharon Zackfia reiterated an Outperform rating, framing the European pressure as essentially offset by second-quarter upside and cost savings.
At 13 times her 2026 earnings estimate, Zackfia said demand trends remained solid despite multiple curveballs this year, with good visibility into accelerating profit growth in 2027 as the company laps higher fuel costs and the softness in Europe.
She added that Carnival appeared well positioned to grow EPS by more than 50 percent by 2029 and reach a 16 percent return on invested capital, given limited capacity growth through 2033 concentrated on its highest-returning Carnival and AIDA brands.
Carnival shares closed at $28.72.
Fuente: cruise industry news
