Carnival Shares: Analysts Remain Bullish Following Strong Q4

Carnival (LON: CCL) (NYSE: CCL) shares have drawn a wave of positive analyst commentary after the cruise operator delivered stronger-than-expected fiscal fourth-quarter results and issued 2026 earnings guidance that exceeded consensus expectations.

Citi raised its price target to $39 from $36 per share on Monday and reiterated a Buy rating, describing the quarter as “exceptional” and highlighting guidance that surpassed forecasts. 

The broker said Carnival is positioned to benefit from its destination strategy and ongoing deleveraging next year.

Meanwhile, Mizuho increased its target to $38 from $37 and kept an Outperform rating, saying the earnings print was “better than feared and clears the way for upside in the sector.” 

The firm expects yields to trough in the first quarter and sees share buybacks as a potential catalyst.

Stifel lifted its target to $40 from $38, with analyst Steven Wieczynski noting that Carnival’s initial full-year outlook typically disappoints investors but this time produced “the exact opposite reaction.” 

The broker argued the in-line guidance suggests demand and pricing for 2026 remain healthy, and that Carnival “can't downplay how solid 2026 is shaping up.”

Goldman Sachs lifted its target to $34 from $31, saying a significant net yield beat underlined portfolio diversification, improved brands, and private-island investments. 

The firm said conservative yield assumptions, accelerating net yields, a reinstated dividend, and an upcoming Investor Day point to a possible inflection.

Elsewhere, Barclays increased its target to $37 from $36, citing a “strong” Q4 beat and a “solid” yield outlook, while Wells Fargo increased its target to $38 from $35 after the company eased concerns around 2026 yields and Caribbean capacity.

Analysts broadly view Carnival as well-positioned heading into 2026.