Barclays Reiterates Buy Rating on Carnival Corporation with $35 Target
Analyst Brandt Montour of Barclays maintains a positive outlook on Carnival Corporation, reaffirming a Buy rating and setting a $35 price target, a 22.98% upside from the current price.
Key Points
- Barclays reiterated its Buy rating on Carnival Corporation (NYSE:CCL) with a price target of $35 on June 24, 2026.
- Barclays's $35 price target implies 22.98% upside from Carnival Corporation Ltd.'s ($CCL) current $28.46 share price.
- Shares of Carnival Corporation traded near $28.73 on Wednesday, with a market cap of $41.8 billion and a P/E ratio of 13.3.
- Vanguard and State Street are among institutions increasing their stakes in Carnival Corporation, signaling continued interest in the stock.
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Barclays analyst Brandt Montour has reiterated a Buy rating on Carnival Corporation Ltd. (NYSE:CCL), maintaining a price target of $35. This update was released on June 24, 2026, reflecting a continued positive outlook for the cruise giant.
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Other Institutional Activity in Carnival Corporation
Several major institutional investors have shown interest in Carnival Corporation. BlackRock, Inc. increased its holdings by 6.3 million shares, bringing its total to approximately 89.98 million shares valued at $2.33 billion, marking a 7.5% increase. Vanguard Capital Management LLC opened a new position with 73.47 million shares worth around $1.9 billion. Similarly, Vanguard Portfolio Management LLC also initiated a stake, acquiring 54.78 million shares valued at $1.42 billion. State Street Corp added 2.16 million shares to its portfolio, resulting in 50.24 million shares worth $1.3 billion, a 4.5% increase. Causeway Capital Management LLC also expanded its investment by 3.15 million shares, totaling 37.10 million shares valued at $960 million, a 9.3% increase.
Carnival Corporation Ltd. Stock Up 14.9%
On Wednesday, Carnival Corporation's stock traded around $28.73. The company, with a market cap of $41.8 billion, has a P/E ratio of 13.3 and a forward P/E of 11.57. Its beta is 2.33, indicating higher volatility compared to the market. The stock's 52-week range is between $22.58 and $34.03, with a 50-day moving average of $27.18 and a 200-day moving average of $28.37. The company faces a high debt-to-equity ratio of 203.9.
$CCL price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Carnival Corporation reported revenue of $26.98 billion, showing a growth of 6.1%. The company's earnings per share (EPS) stood at $2.27, with a net margin of 11.5% and a return on equity (ROE) of 27.9%. The next earnings report is scheduled for June 23, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
5 target cuts vs 1 raises.
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EPS & revenue
EPS beat estimates by 7.3%. Revenue missed estimates by 0.5%.
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Profit surprise
EBITDA met by 1 percent. Operating income beat by 3 percent.
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Pre-earnings setup
Bar was high, analysts already very bullish.
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Analyst signal
1 upgrade, 1 target raise, 5 target cuts.
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Earnings quality
Gross margin up 0.9 points. Positive free cash flow.
Earnings Call Summary
Carnival posted strong first quarter results with record revenue, yields, and customer deposits near $8 billion. Net income jumped 55 percent year over year to $275 million. Demand remained robust with close-in bookings up 10 percent year over year and nearly 85 percent of 2026 sailings already booked at high prices. Management credited strong execution and higher onboard spending. However, geopolitical tensions and fuel price spikes created a $500 million headwind to full year guidance, which management offset with operational improvements of $150 million.
Guidance Carnival raised 2026 earnings guidance to $2.21 per share, up from prior December view, despite a $500 million fuel headwind. Management expects modest 2.75 percent yield growth and 3.1 percent cruise cost growth for the full year. They introduced PROPEL targets for 2029: greater than 16 percent return on invested capital, more than 50 percent earnings per share growth from 2025, and over 40 percent of operating cash returned to shareholders, roughly $14 billion.
Clearly negative report. The company missed important expectations and likely triggers downward revisions.
Dividend
Carnival Corporation offers an annual dividend rate of $0.30, yielding 0.97%. The dividend payout ratio is 6.6%, suggesting a conservative distribution policy.
Insider Buying and Selling at Carnival Corporation Ltd.
Recent insider activity at Carnival Corporation includes multiple sales. On May 28, 2026, Bettina Alejandra Deynes, Chief Human Resources Officer, sold 43,058 shares at an average price of $28.10. Additionally, on May 11, 2026, several insiders, including Katie Lahey and Nelda Connors, each sold 616 shares at $26.38.
Analysts Set New Price Targets
Barclays, on June 24, 2026, maintained its Buy rating for Carnival Corporation with a $35 price target. Citigroup also reiterated a Buy rating on June 16, 2026, with a $37 target. Stifel followed suit on June 12, 2026, maintaining a Buy rating and a $36 target. The consensus among 24 analysts is a Buy, with an average target price of $35.05.
About Carnival Corporation
Carnival Corporation Ltd., based in Miami, Florida, is a leading cruise company offering leisure travel services worldwide. It operates through various segments, including North America and Europe Cruise Operations, and owns several popular cruise brands like Carnival Cruise Line, Princess Cruises, and Holland America Line. With a workforce of 160,000, Carnival also manages port destinations, hotels, and railcars.
Bottom Line
Barclays' reaffirmation of its Buy rating on Carnival Corporation reflects continued confidence in the company's prospects. Despite the volatility, institutional interest and a strong analyst consensus suggest optimism for the cruise giant. Investors should note that analyst ratings and institutional holdings can change, and 13F filings reflect past positions.
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