Carnival price target lowered to $30 from $40 at Susquehanna

Susquehanna lowered the firm’s price target on Carnival (CCL) to $30 from $40 and keeps a Positive rating on the shares. The firm said its mostly fuel-driven downward revision to FY26 estimates puts us slightly below FY guidance, as the company is unique among its cruise peers in that it does not hedge fuel. That said, like air fares, they believe elevated fuel prices are likely to result in upside pressure to cruise fares via higher ticket prices, selective onboard price increases, and, in certain instances, changes in itineraries.