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Investing.com - Truist Securities maintained its Hold rating and $31.00 price target on Carnival Corporation (NYSE:CCL), a $38 billion market cap cruise operator, following quarterly earnings that exceeded analyst expectations. According to InvestingPro data, seven analysts have recently revised their earnings estimates upward for the upcoming period.
Carnival delivered adjusted EBITDA 3% ahead of consensus expectations, representing an $89 million beat, while adjusted EPS came in 8% higher than anticipated, exceeding forecasts by $0.11 per share. The outperformance stemmed from higher-than-expected ticket revenue and lower expenses across fuel, SG&A, and net interest categories.
For the upcoming fourth quarter, Carnival provided adjusted EBITDA guidance of $1,340 million, surpassing its previous implied guidance of $1,317 million and roughly aligning with consensus estimates of $1,348 million. The company's fourth-quarter adjusted EPS guidance of $0.23 exceeds both its prior implied guidance of $0.19 and the consensus estimate of $0.21.
Truist noted that the projected fourth-quarter EPS improvement versus previous guidance primarily reflects lower interest expenses resulting from recent debt refinancing activities. The research firm highlighted that commentary regarding 2026 remains encouraging but unchanged from previous statements.
Carnival reported that its 2026 booked position remains in line with 2025's position at historically high prices in constant currency terms. The company also indicated that booking trends have continued to strengthen since May, though specific pricing information for these recent bookings was not disclosed. This positive momentum is reflected in the stock's impressive 50.5% return over the past six months. For deeper insights into Carnival's valuation and growth prospects, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Carnival Corporation reported third-quarter earnings that surpassed analyst expectations, with a notable 110 basis point beat on net yields. The company also raised its full-year guidance for 2025, demonstrating strong cost performance and a 4% EBITDA beat. In a strategic financial move, Carnival launched a $1.25 billion notes offering to refinance existing debt, aiming to reduce interest expenses by redeeming its $2.0 billion 6.000% senior unsecured notes due in 2029. Analyst firms have responded positively to these developments, with Stifel maintaining a Buy rating and a $38.00 price target, citing a "solid beat" in earnings and positive commentary extending to 2027. Similarly, Goldman Sachs kept its Buy rating and $37.00 price target, noting the cruise operator's traditionally conservative forecasting approach. Mizuho also reiterated its Outperform rating and $37.00 price target, despite acknowledging market concerns about pricing and cost estimates for 2026. Bernstein SocGen Group maintained a Market Perform rating and a $26.00 price target, reflecting a cautious outlook. These developments indicate a mixed but generally optimistic sentiment among analysts regarding Carnival's future performance.
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