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Investing.com - BofA Securities has reiterated its Buy rating and $38.00 price target on Carnival Corporation (NYSE:CCL), currently valued at $39.69 billion, ahead of the company’s third-quarter 2025 earnings report scheduled for Monday, September 29. According to InvestingPro data, analyst price targets for the stock range from $26 to $43.
The firm believes current estimates for Carnival appear reasonable, noting that since the company’s last earnings report in June, industry data has shown positive trends. BofA’s credit card data revealed cruise spending accelerated to 11.9% year-over-year growth in August, following 9.0% growth in July. This aligns with Carnival’s robust revenue growth of 10.82% over the last twelve months, as reported by InvestingPro, which also notes the company maintains a "GREAT" overall Financial Health score.
BofA Securities cited several factors supporting its Buy rating, including continued strength in fundamentals and the opening of Celebration Key in July, which is expected to provide a tailwind for net yield. InvestingPro analysis reveals several additional bullish indicators - unlock access to 8 more key ProTips and a comprehensive Pro Research Report by subscribing to InvestingPro.
The firm also highlighted Carnival’s ongoing deleveraging efforts, supported by minimal capital expenditure requirements, as another positive factor for the company’s outlook.
BofA noted that Carnival currently trades at 8.5 times its estimated 2026 EBITDAR, which sits below the historical average of 10 times, suggesting potential for share price appreciation.
In other recent news, Carnival Corporation has announced plans to redeem approximately $322 million of its 5.750% senior unsecured notes due in 2027. The redemption is scheduled for August 29, 2025, and will be executed at a price equal to 100% of the principal amount, plus any applicable make-whole premium and accrued interest. On the analyst front, Goldman Sachs has raised its price target for Carnival to $37, maintaining a Buy rating, citing expectations of strong quarterly results. Melius Research also increased its price target to $36, highlighting Carnival’s ongoing turnaround and noting its shares have risen 26% year-to-date. Additionally, Seabourn, a luxury cruise operator under Carnival, announced that its vessel Seabourn Encore will sail to Alaska and British Columbia for the first time in the 2026 season. This new program will include 17 seven-day sailings and one eight-day voyage, visiting both popular and less-traveled destinations. These developments reflect a period of strategic financial and operational adjustments for Carnival Corporation.
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