William Blair analyst Sharon Zackfia has reiterated their bullish stance on CCL stock, giving a Buy rating yesterday.
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Sharon Zackfia has given his Buy rating due to a combination of factors tied to Carnival’s recent performance and outlook. She highlights that the company significantly outperformed its own guidance in the fourth quarter, with stronger-than-anticipated last-minute bookings and tight expense management driving record results. Revenue efficiency improved as net yields rose meaningfully on a same-ship basis, while underlying operating costs, excluding fuel, grew far less than initially projected. This combination allowed profitability metrics, including adjusted EBITDA and earnings per share, to outstrip both internal forecasts and market expectations.
Looking ahead, Zackfia views these results as evidence of a structurally stronger earnings profile and improving operating leverage for Carnival. The ability to convert robust demand into higher margins, alongside disciplined cost control, supports her constructive stance on the company’s trajectory into 2026. In her view, the upside surprise in both revenue quality and cost performance underpins confidence that Carnival can continue to expand earnings and cash flow, justifying a Buy recommendation on the shares.
In another report released yesterday, UBS also maintained a Buy rating on the stock with a $37.00 price target.