Carnival Corporation &

CCL: Record Bookings And Improved Guidance Will Drive Upside Into 2026

AN

AnalystConsensusTarget

AnalystConsensusTarget

Not Invested

Based on Analyst Price Targets

Published

07 Oct 24

Updated

01 Dec 25

Views

898

n/a

n/a

AnalystConsensusTarget's Fair Value

n/a

1Y

25.1%

7D

12.6%

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1Y

25.1%

7D

12.6%

You can edit this narrative until Dec 2 10:05 AM. Then, changes will post as Updates.

Author's Valuation

US$35.7610.0% undervalued

AnalystConsensusTarget Fair Value

Shared on 01 Dec 25

Fair value Increased 0.16%

CCL: Expanding Caribbean Destinations Will Sustain Demand Into 2026

Carnival Corporation & Plc's analyst price target has been raised slightly to $35.76, reflecting analysts' optimism over robust earnings momentum, positive booking trends, and expanding demand for cruise travel. Analyst Commentary Recent research updates reflect overall optimism surrounding Carnival Corporation, with several analysts raising their price targets and maintaining positive ratings.

Shared on 17 Nov 25

Fair value Decreased 0.38%

CCL: Record Forward Bookings Will Drive Revenue Momentum Into 2026

The analyst price target for Carnival Corporation & has been revised slightly downward to $35.70 from $35.84. This change reflects minor adjustments in fair value estimates as analysts balance strong recent performance and record bookings with updated expectations for future revenue growth and margins.

Shared on 01 Nov 25

Analysts have raised their price targets for Carnival Corporation, with increases up to $42 per share. They cite stronger-than-expected third quarter results, robust forward bookings, and improving long-term revenue visibility.

Shared on 18 Oct 25

Fair value Increased 0.25%

The consensus analyst price target for Carnival Corporation & has increased slightly to $35.84. This reflects confidence in the company's strong forward bookings, robust quarterly results, and improved margin outlook.

Shared on 04 Oct 25

Fair value Increased 4.31%

Carnival Corporation & saw its average analyst price target rise to $35.75 from $34.27. This adjustment is based on analysts citing stronger-than-expected earnings, resilient demand, and improving booking trends for the company.

Shared on 19 Sep 25

Fair value Increased 3.57%

Carnival Corporation’s consensus price target has increased to $34.27 as analysts cite robust consumer demand, strong booking trends, and ongoing margin expansion from fleet modernization and strategic initiatives, reflecting raised growth forecasts and a favorable risk/reward profile. Analyst Commentary Bullish analysts cite consistently strong consumer demand and solid booking trends, supported by positive Q2 and Q3 earnings surprises and raised forward guidance.

Shared on 04 Sep 25

Fair value Decreased 0.82%

Analysts maintain a positive outlook on Carnival Corporation & due to strong consumer demand, robust booking trends, margin expansion opportunities, and consistent earnings outperformance, resulting in an unchanged consensus price target of $33.36. Analyst Commentary Strong consumer demand and robust booking trends driving revenue and cash flow growth, further bolstered by Carnival’s strategic fleet modernization.

Shared on 07 May 25

Fair value Increased 25%

Shared on 30 Apr 25

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 23 Apr 25

Fair value Decreased 5.17%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 16 Apr 25

Fair value Decreased 0.46%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 09 Apr 25

Fair value Increased 0.18%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 02 Apr 25

Fair value Increased 14%

AnalystConsensusTarget has increased future PE multiple from 15.8x to 18.0x.

Shared on 26 Mar 25

Fair value Decreased 13%

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

Shared on 19 Mar 25

Fair value Increased 4.36%

AnalystConsensusTarget has decreased shares outstanding growth rate from 0.1% to 0.0%.

Shared on 10 Mar 25

Fair value Decreased 1.71%

AnalystConsensusTarget has increased shares outstanding growth rate from 0.0% to 0.1%.

AnalystConsensusTarget Fair Value

US$35.76

10.0% undervalued

Future estimation in

Growth p.a.

Growth p.a.

%

Decrease

Increase

Current revenue growth rate

3.89%

Hospitality revenue growth rate

0.49%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

10.23%

Calculation

US$4.00b

Earnings '28

x

15.89x

PE Ratio '28

=

US$63.49b

Market Cap '28

US$63.49b

Market Cap '28

/

1.32b

No. shares '28

=

US$48.15

Share Price '28

US$48.15 Share Price '28

Discounted to 2025 @ 10.44% p.a.

=

US$35.74

Fair Value '25