Wells Fargo Rates Carnival (CCL) buy, $38 Price Target

Wells Fargo reiterates its buy rating on Carnival Corporation with a price target of $38, as the stock trades at $29.07, a 30.72% upside from the current price.

By TradeTexts Research Desk · Published Jun 25, 2026, 11:01 AM EDT · Updated Jun 29, 2026, 1:01 PM EDT

Reviewed by automated data checks against the source data. How we make and check alerts

Wells Fargo rated Carnival Corporation Ltd. ($CCL) "buy" with a $38 price target on June 25, 2026.

Since the rating, $CCL is down 1.9% after 1 week, down 4.7% after 1 month and down 8.5% to date (from the $28.31 close on Jun 25, 2026).

CCL Carnival Corporation Ltd.

$25.90 -14.89% year to date

Daily close · Oct 16, 2026

Key Points

Wells Fargo reiterated its buy rating on Carnival Corporation Ltd. (NYSE: CCL) with a target price of $38 on June 25, 2026.
The stock is currently priced at $29.07, significantly below the target, indicating potential upside for investors.
Analysts remain optimistic about Carnival, with a consensus target mean price of $34.64 based on 26 opinions.

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Wells Fargo's Continued Confidence in Carnival

Wells Fargo has reiterated its buy rating on Carnival Corporation Ltd. (NYSE: CCL) with a target price of $38 as of June 25, 2026. The stock is currently trading at $29.07, suggesting that there may be room for growth according to the bank's analysts.

Analyst rating track record

Wells Fargo vs. the S&P 500

YTD return -12.91% hypothetical

All-time return +9.66% S&P 500 +32.73%

vs. S&P 500 -23.07% behind the index

Hypothetical returns from Wells Fargo's disclosed trades, not real profit or advice. How we model this.

Analysts Set New Price Targets

Wells Fargo's analyst Trey Bowers sees potential in Carnival, maintaining a positive outlook on the company. This is not an isolated view; several other firms have also expressed their confidence in Carnival. For example, on October 1, 2026, Freedom Broker maintained a buy rating with a target of $36, while Argus Research kept its buy rating but lowered its target to $30. Additionally, Mizuho maintained an outperform rating with a target of $38. The consensus among analysts suggests a mean price target of $34.64, reflecting a strong belief in the company's future performance.

Stock Performance Context

With Carnival's stock trading at $29.07, it's currently above its 50-day moving average of $25.79. The stock has a 52-week range between $21.81 and $34.03. The recent analyst ratings come as Carnival continues to recover from the impacts of the pandemic on the travel industry, making this a critical time for investors to pay attention to the stock's movements.

12-month forecast

$CCL price target

Carnival Corporation Ltd. daily closes and this analyst's $38 target. Not advice.

Recent Earnings

Carnival reported revenue of about $27.3 billion for the last fiscal year, with a net margin of 11.2%. The company is set to announce its next earnings report on September 29, 2026, which could provide further insights into its recovery and growth trajectory.

Earnings drift grade

Outlook vs expectations on the last report — not price action.

D 42/100

Reported Mar 27, 2026

Forward outlook
5 target cuts vs 1 raises.
EPS & revenue
EPS beat estimates by 7.3%. Revenue missed estimates by 0.5%.
Profit surprise
EBITDA met by 1 percent. Operating income beat by 3 percent.
Pre-earnings setup
Bar was high, analysts already very bullish.
Analyst signal
1 upgrade, 1 target raise, 5 target cuts.
Earnings quality
Gross margin up 0.9 points. Positive free cash flow.

Earnings Call Summary

Carnival posted strong first quarter results with record revenue, yields, and customer deposits near $8 billion. Net income jumped 55 percent year over year to $275 million. Demand remained robust with close-in bookings up 10 percent year over year and nearly 85 percent of 2026 sailings already booked at high prices. Management credited strong execution and higher onboard spending. However, geopolitical tensions and fuel price spikes created a $500 million headwind to full year guidance, which management offset with operational improvements of $150 million.

Guidance Carnival raised 2026 earnings guidance to $2.21 per share, up from prior December view, despite a $500 million fuel headwind. Management expects modest 2.75 percent yield growth and 3.1 percent cruise cost growth for the full year. They introduced PROPEL targets for 2029: greater than 16 percent return on invested capital, more than 50 percent earnings per share growth from 2025, and over 40 percent of operating cash returned to shareholders, roughly $14 billion.

Clearly negative report. The company missed important expectations and likely triggers downward revisions.

What Carnival Corporation Ltd. Does

Carnival Corporation Ltd. is a leading cruise company that offers leisure travel services across multiple brands, including Carnival Cruise Line and Holland America Line. With a broad portfolio of offerings, Carnival aims to attract a diverse range of travelers, making it a significant player in the travel services sector.

What’s Next for Carnival?

As Carnival prepares for its next earnings report, investors will be watching closely to see how the company continues to navigate the post-pandemic landscape. The recent analyst ratings and target adjustments highlight the ongoing interest in Carnival's recovery strategy. Remember that the insights from Wells Fargo and others are based on past performance and may not reflect current positions, as these ratings are derived from their latest assessments.