Carnival price target lowered to $35 from $39 at Citi

Citi lowered the firm’s price target on Carnival (CCL) to $35 from $39 and keeps a Buy rating on the shares. Carnival reported “record” Q1 adjusted EBITDA, but lowered FY26 guidance on higher fuel costs despite raising its operational outlook, notes the analyst. The firm believes the selloff in shares on Friday was “much more a function of a broader market selloff and rising fuel costs than anything specific” to Carnival results or guidance, which it calls “very strong on an ex-fuel basis.”