Analyst Richard Clarke from Bernstein maintained a Hold rating on Carnival and keeping the price target at $26.00.
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Richard Clarke’s rating is based on a combination of positive performance indicators and emerging challenges for Carnival. The company has shown strong results in 2025, consistently exceeding expectations in net yield growth and cost management. Demand remains robust, with a significant portion of 2026 bookings already secured at higher prices, and early signs of success for 2027. Additionally, potential capital returns and new long-term targets in early 2026 present further opportunities for growth.
However, Clarke notes some challenges on the horizon for 2026. The introduction of a new loyalty scheme and increased costs related to dry-docks and destinations are expected to create headwinds for yield and cost growth. With only modest capacity growth anticipated, Carnival’s ability to maintain yield growth will rely heavily on like-for-like performance. Given these mixed signals, Clarke prefers to remain cautious and maintain a Hold rating, suggesting that peers with stronger growth profiles may be better positioned to capture demand strength.