TD Cowen Cuts Carnival (CCL) Price Target to $32
TD Cowen has reiterated its Buy rating on Carnival Corporation with a new price target of $32, down from $34, a 23.82% upside from the current price.
Reviewed by automated data checks against the source data. How we make and check alerts
TD Cowen cut its price target on Carnival Corporation Ltd. ($CCL) to $32 from $34 on September 22, 2026, and rates the stock "Buy".
Since the rating, $CCL is up 12.7% after 1 week and up 16.2% to date (from the $22.28 close on Sep 22, 2026).
CCL
Carnival Corporation Ltd.
Key Points
- TD Cowen reiterated its Buy rating on Carnival Corporation (NYSE: CCL) with a price target of $32, down from $34.
- Carnival's stock closed at $21.84 on September 22, 2026, which is well below the new target, suggesting significant upside potential.
- The company's next earnings report is scheduled for September 29, 2026, and analysts currently have a consensus Buy rating with a mean price target of $34.64.
Get $CCL trade alerts by text
We text you when insiders, Congress or big funds trade $CCL. Free.
Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Carnival Corporation Ltd. alert may contain errors. Disclosures
TD Cowen's Updated Rating on Carnival Corporation
On September 22, 2026, TD Cowen reiterated its Buy rating on Carnival Corporation Ltd. (NYSE: CCL) with a price target of $32. This marks a decrease from the previous target of $34. The firm remains optimistic about the cruise line's potential for recovery as travel demand continues to improve.
TD Cowen vs. the S&P 500
Hypothetical returns from TD Cowen's disclosed trades, not real profit or advice. How we model this.
Analysts Set New Price Targets
Carnival Corporation has drawn attention from several analysts recently. On October 13, 2026, Tigress Financial maintained a Buy rating with a target of $42. Freedom Broker also maintained a Buy rating, raising its target to $36 from $35 on October 1, 2026. Argus Research kept its Buy rating but lowered its target to $30 from $35 on the same day. Wells Fargo maintained an Overweight rating with a target of $34, down from $36, while Morgan Stanley raised its target to $32.5 from $31 on September 30, 2026. The consensus among analysts is that Carnival's stock has room to grow, with a mean price target of $34.64 based on 26 opinions.
Stock Performance and Market Context
As of the last trading session, Carnival's stock closed at $21.84 on September 22, 2026. This price is significantly below the new target set by TD Cowen, indicating a potential upside for investors if the company can capitalize on the recovering travel market. Carnival's shares have seen a 52-week low of $21.81 and a high of $34.03, suggesting that the stock has been under pressure but still holds promise as the industry rebounds.
$CCL price target
Carnival Corporation Ltd. daily closes and this analyst's $32 target. Not advice.
Recent Earnings
Carnival Corporation's next earnings report is set for September 29, 2026. In its latest financial results, the company reported revenue of approximately $27.31 billion, showing a revenue growth of 5.3%. The earnings per share (EPS) stood at $2.22, and the company achieved a net margin of 11.2%. These figures reflect a recovering business as travel demand increases.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
-
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 through various brands, including Carnival Cruise Line and Holland America Line. With a focus on providing memorable travel experiences, the company operates in multiple segments and has a significant presence in the cruise industry. The recent analyst ratings suggest confidence in its ability to navigate the post-pandemic recovery.
What to Watch at Carnival Corporation Ltd.
Investors should keep an eye on Carnival's upcoming earnings report on September 29, 2026, as it may provide insights into the company's recovery and future outlook. Additionally, the recent 13F filings reflect the positions of institutional investors and may influence market sentiment. Remember that TD Cowen's reiterated rating reflects its view as of the reporting period and may not represent its current position.
Related Filing Alerts
Source: TD Cowen's rating change on $CCL (Sep 22, 2026). Written by software, not financial advice. How we make alerts