Cruise operator Carnival Corporation (CCL) is scheduled to announce its results for the first quarter of Fiscal 2026 on March 27. CCL stock has declined 19% over the past month due to a spike in oil prices amid the U.S.-Iran conflict. Ahead of Q1 FY26 earnings, several analysts have lowered their price targets for CCL stock to reflect elevated fuel prices. However, most analysts remain bullish on Carnival’s long-term growth prospects and see attractive upside in the stock.
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Meanwhile, the consensus adjusted earnings per share estimate of $0.19 for Q1 FY26 reflects 46% year-over-year growth. Carnival’s fiscal first-quarter revenue is expected to grow 5.7% to $6.14 billion.
Analysts’ Views Ahead of CCL’s Q1 Earnings
Heading into Q1 earnings, Truist analyst Patrick Scholes lowered his price target for Carnival stock to $30 from $34 and reiterated a Hold rating as part of a broader research note on cruise lines after analyzing future cruise bookings and pricing. The 4-star analyst noted that while the “Wave Season” has been “decent,” the ongoing geopolitical tensions have highlighted sector risk and valuation woes.
Scholes added that, following the post-COVID “normalization” of demand and increased supply, net yield growth is no longer significantly higher than the company’s outlook, as it was 1 to 3 years ago.
Meanwhile, TD Cowen analyst Kevin Kopelman lowered his price target for CCL stock to $33 from $38 and reiterated a Buy rating. As part of a Q1 earnings preview for stocks in the cruise group, Kopelman reduced his 2026 earnings estimates to reflect increased fuel costs. The 4-star analyst sees Carnival’s earnings as a potential negative catalyst, given the possibility of a large downward revision to the earnings outlook and a yield cut. That said, Kopelman noted that travel trends have been “resilient” to date.
Likewise, Barclays analyst Brandt Montour slightly lowered his price target for Carnival stock to $36 from $37 and reaffirmed a Buy rating in his Q1 preview. The 4-star analyst expects Carnival to report “solid” Q1 results and issue a stable Fiscal 2026 yield outlook despite a challenging macro backdrop. Montour noted that the pullback in CCL stock due to higher fuel prices has generally presented “good medium-term entry-points.”
Is CCL a Good Stock to Buy?
Currently, Wall Street has a Strong Buy consensus rating on Carnival stock based on 11 Buys and two Holds. The average CCL stock price target of $35 indicates 37.3% upside potential.
