Citigroup Reiterates Buy Rating on Carnival Corporation
Citigroup maintains its buy rating on Carnival Corporation, setting a $37 price target, a 22.27% upside from the current price.
Key Points
- Citigroup reiterated its buy rating on Carnival Corporation (NYSE:CCL) with a price target of $37 as of June 16, 2026.
- Citigroup's $37 price target implies 22.27% upside from Carnival Corporation Ltd.'s ($CCL) current $30.26 share price.
- Carnival Corporation trades at $30.99 with a market cap of $41.7 billion, a P/E ratio of 13.27, and a 52-week high of $34.03.
- Notable institutional moves include BlackRock adding 6.28 million shares and Vanguard Capital Management holding 73.47 million shares.
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Citigroup has reiterated its buy rating on Carnival Corporation Ltd. (NYSE:CCL), maintaining a price target of $37. This update was made on June 16, 2026, by analyst James Hardiman. The stock is currently trading around $30.99.
What Changed in Citigroup's Carnival Corporation Position
Citigroup's reiteration of its buy rating for Carnival Corporation suggests continued confidence in the cruise giant. While the price target remains at $37, this reflects a positive outlook on the company's potential performance.
Other Institutional Activity in Carnival Corporation
Institutional investors have shown varying levels of activity in Carnival Corporation. BlackRock, Inc. grew its holdings by adding 6.28 million shares, bringing its total to about 89.98 million shares, valued at approximately $2.33 billion. Vanguard Capital Management LLC holds 73.47 million shares worth about $1.90 billion, while State Street Corp increased its position by 2.16 million shares to a total of 50.24 million shares, valued at $1.30 billion. Causeway Capital Management LLC added 3.15 million shares, ending with 37.10 million shares valued at $960.06 million.
Carnival Corporation Ltd. Stock Up 22.2%
Shares of NYSE:CCL are trading near $30.99. Carnival Corporation has a market cap of $41.7 billion and a P/E ratio of 13.27. The stock has seen a 52-week low of $22.58 and a high of $34.03. Its 50-day moving average is $26.93, while the 200-day moving average stands at $28.39. The company has a high beta of 2.33, indicating higher volatility compared to the market.
$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 with a growth rate of 6.1%. The company achieved an EPS of $2.27, with a net margin of 11.48% and a return on equity of 27.85%. The next earnings report is expected on 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 pays an annual dividend rate of $0.30, yielding 1.0%. The dividend payout ratio is a modest 6.61%.
Insider Buying and Selling at Carnival Corporation Ltd.
Recent insider activity includes Bettina Alejandra Deynes, Chief Human Resources Officer, selling 43,058 shares at an average price of $28.10 on May 28, 2026. Additionally, several insiders sold small amounts of shares on May 11, 2026, including Katie Lahey, Nelda Connors, Laura Weil, Jason Glen Cahilly, and Jeffrey Gearhart, each selling 616 shares at $26.38 per share.
Analysts Set New Price Targets
On June 16, 2026, Citigroup maintained its buy rating for Carnival Corporation with a $37 price target. Other analysts have also shown optimism; Stifel maintained a buy rating with a $36 target on June 12, 2026, and Freedom Broker initiated coverage with a buy rating and a $35 target on June 3, 2026. The consensus among 24 analysts is a buy rating, with an average target price of $34.63.
About Carnival Corporation
Carnival Corporation Ltd. is a major player in the leisure travel industry, specializing in cruise services across North America, Australia, Europe, and globally. Headquartered in Miami, Florida, the company operates several well-known brands, including Carnival Cruise Line, Holland America Line, and Princess Cruises. Led by CEO Mr. Joshua Ian Weinstein, Carnival employs about 160,000 people and offers a variety of travel experiences, from cruises to land-based tours.
Bottom Line
Carnival Corporation remains a focal point for investors, with Citigroup's reiterated buy rating underscoring confidence in its future. The company's strong market presence and diverse offerings make it a significant player in the travel industry. As always, it's important to remember that 13F filings and analyst ratings reflect past positions and sentiments, which may have changed since the reporting period.
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