Susquehanna Reiterates Buy Rating on Carnival Corporation
The firm maintains its buy rating with a $33 price target for Carnival Corp, a 15.95% upside from the current price.
Key Points
- Susquehanna reiterated its buy rating for Carnival Corporation (NYSE:CCL) with a $33 price target on June 24, 2026.
- Susquehanna's $33 price target implies 15.95% upside from Carnival Corporation Ltd.'s ($CCL) current $28.46 share price.
- Carnival's stock traded around $28.73 on Wednesday, with a market cap of about $41.8 billion and a P/E ratio of 13.3.
- BlackRock and State Street Corp increased their holdings in Carnival, while Vanguard opened new positions.
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On June 24, 2026, Susquehanna reiterated its buy rating for Carnival Corporation Ltd. (NYSE:CCL) with a price target of $33. The stock was trading at approximately $28.73 on Wednesday.
Susquehanna vs. the S&P 500
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Other Institutional Activity in Carnival Corporation
BlackRock, Inc. grew its holdings by 6,275,763 shares, ending with 89,979,406 shares worth about $2.33 billion, a 7.5% increase. Vanguard Capital Management LLC opened a new position, holding 73,474,107 shares valued at $1.90 billion. Similarly, Vanguard Portfolio Management LLC also initiated a new stake of 54,775,945 shares, valued at $1.42 billion. State Street Corp increased its position by 2,164,352 shares to 50,238,525 shares, valued at $1.30 billion, marking a 4.5% increase. Causeway Capital Management LLC added 3,151,811 shares, bringing its total to 37,096,593 shares worth $960.06 million, a 9.3% rise.
Carnival Corporation Ltd. Stock Up 14.9%
Shares of NYSE:CCL traded near $28.73 on Wednesday. Carnival Corporation has a market cap of approximately $41.8 billion, with a P/E ratio of 13.3 and a forward P/E of 11.6. The stock's beta is 2.331, indicating higher volatility compared to the market. Its 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 has a current ratio of 0.299 and a quick ratio of 0.168, with a 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, reflecting a growth of 6.1%. The company achieved a net margin of 11.5% and a return on equity of 27.9%. Earnings per share stood at $2.27. The next earnings release 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 6.61%.
Insider Buying and Selling at Carnival Corporation Ltd.
On May 28, 2026, Bettina Alejandra Deynes, Chief Human Resources Officer, sold 43,058 shares at an average price of $28.10. Earlier in May, other insiders including Katie Lahey, Nelda Connors, Laura Weil, Jason Glen Cahilly, and Jeffrey Gearhart each sold 616 shares at $26.38.
Analysts Set New Price Targets
On June 24, 2026, Susquehanna maintained its buy rating for Carnival Corporation with a $33 price target. Barclays also maintained a buy rating with a $35 target. Citigroup reiterated a buy rating with a $37 target on June 16. Stifel kept its buy rating with a $36 target on June 12. The consensus among 24 analysts is a buy rating, with a mean price target of $35.05.
About Carnival Corporation
Carnival Corporation Ltd. is a major player in the cruise industry, offering leisure travel services across North America, Australia, and Europe. Based in Miami, Florida, and led by CEO Joshua Ian Weinstein, the company operates through various brands, including Carnival Cruise Line and Princess Cruises. Carnival employs around 160,000 people and also manages hotels and tour services.
Bottom Line
Investors keep an eye on Carnival Corporation's stock due to its significant market presence in the cruise industry. The reiterated buy rating by Susquehanna, along with the new institutional interests, highlights ongoing confidence in the company's prospects. Remember, 13F filings reflect past holdings and may not indicate current positions.
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