Shares of cruise line operator Carnival (NYSE:CCL) sunk today after the firm reported earnings for its third quarter of Fiscal Year 2023. Adjusted earnings per share came in at $0.86, which beat analysts’ consensus estimate of $0.75 per share. Sales increased by 58.9% year-over-year, with revenue hitting $6.85 billion. This was $160 million above expectations.
Looking forward, management now expects adjusted EBITDA for Q4 2023 to be in the range of $800 million to $900 million. For Fiscal Year 2023, adjusted EBITDA is anticipated to be between $4.1 billion and $4.2 billion.
What is the Prediction for Carnival Stock?
Overall, Wall Street analysts have a consensus price target of $19.77 on CCL stock, implying almost 43% upside potential, as indicated by the graphic above.