Carnival Corp Price Target Raised as (NYSE:CCL) Stock Recaptures $30 on Earnings

Carnival Corporation’s stock (NYSE:CCL) has comfortably recaptured the $30 mark last week, as a strong Q4 earnings report and price target raises on Wall Street boost sentiment leading into the final trading days of 2025.

The company’s stock price experienced a notable increase, climbing 9.81% following the earnings announcement, successfully breaching the $30 threshold that had offered up resistance in both July, and October this year. 

Carnival’s fiscal 2025 results revealed a full-year net income of $2.8 billion and a record adjusted net income of $3.1 billion, a substantial 60% increase compared to the previous year. Operating income also reached an all-time high of $4.5 billion, 25% higher than in 2024.

These achievements were attributed to robust demand, yield growth, and effective cost management strategies implemented by the company. The company reported an adjusted earnings per share (EPS) of $0.34, exceeding the consensus estimate of $0.25. Carnival has also reinstated its quarterly dividend.

Analyst Upgrades Boost Bullish Sentiment in CCL

Looking to Wall Street for clues, and the majority have reacted positively to the print.

Wells Fargo analyst Trey Bowers raised the firm’s price target on Carnival to $38 from $35, reiterating an Overweight rating on the shares. Bowers highlighted that Carnival’s guidance for 2026 yield growth and Caribbean capacity had eased previous concerns, with earnings projections ahead of consensus, primarily driven by lower fuel costs.

Jefferies also increased its price target to $37 from $34, pointing to Carnival’s improving business quality and minimal capacity growth expected in fiscal years 2026 and 2027. Their analysis anticipates robust free cash flow generation, enabling both debt reduction and capital returns to shareholders.

Tigress Financial Partners set a price target of $40, citing record-setting profitability and a robust demand environment. They emphasized yield expansion, financial strengthening, and effective cost controls as key drivers for increasing shareholder value, with a focus on the Caribbean market.

Not all analysts are quite as bullish. Goldman Sachs reiterated its Buy rating with a $31 price target, noting that while recent data on promotions and cruise industry events have shown some weakness, Carnival should be less impacted due to its lower Caribbean exposure. This suggests a more cautious, yet still positive, outlook on the company’s prospects. The stock has since outpaced this price target however, with the close at $31.12.

The combination of strong earnings, positive analyst revisions, and the reinstatement of the dividend has significantly contributed to the stock’s upward momentum. Whether Carnival can sustain this rally is another question, with the next resistance at $32.50 having also proved particularly stubborn in attempts during August and September.