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Carnival ( (CCL) ) just unveiled an announcement.
On February 12, 2026, Carnival plc amended its Amended and Restated Deposit Agreement with JP Morgan Chase Bank, N.A., revising the termination provisions governing its American Depositary Receipts program. The changes define new triggers for ending the agreement, including 30 days’ notice by the company, automatic termination upon completion of the proposed unification of Carnival Corporation and Carnival plc’s dual-listed structure along with Carnival Corporation’s migration from Panama to Bermuda, and various events such as delistings, insolvency, or the absence of a successor depositary.
Following a termination tied to the planned unification and migration, the depositary will use reasonable efforts to distribute New Carnival Shares to ADR holders in exchange for the ordinary shares underlying their receipts, or otherwise sell the remaining deposited securities and hold the net cash proceeds in trust for them. The amendment also introduces technical and conforming changes to the deposit agreement and the form of ADR, clarifying the treatment of investors’ interests during any future corporate restructuring and potential end of the ADR program.
The most recent analyst rating on (CCL) stock is a Hold with a $33.00 price target. To see the full list of analyst forecasts on Carnival stock, see the CCL Stock Forecast page.
Spark’s Take on CCL Stock
According to Spark, TipRanks’ AI Analyst, CCL is a Outperform.
CCL’s score is driven primarily by improving fundamentals and a strong earnings-call outlook (record 2025 performance, guidance strength, and capital return actions) alongside supportive technical momentum. Offsetting factors are the still-leveraged balance sheet, weaker 2025 free-cash-flow conversion, and margin/cost pressures noted in both the financial statements and 2026 cost guidance.
To see Spark’s full report on CCL stock, click here.
More about Carnival
Carnival plc operates in the global cruise and leisure travel industry, offering ocean cruises and related vacation services to consumers worldwide. The company’s securities include ordinary shares listed in London and American Depositary Receipts traded in the U.S., providing investors multiple avenues for exposure to its cruise-focused business.
Average Trading Volume: 20,649,467
Technical Sentiment Signal: Buy
Current Market Cap: $46.1B
For an in-depth examination of CCL stock, go to TipRanks’ Overview page.