Overview

• Stifel reiterated a Buy on Carnival and raised its price target to $38 from $34, with shares around $30.89 on Sept. 23.
• The analyst expects another beat-and-raise setup, citing strong close-in bookings, firm pricing, and steady onboard spending while downplaying concerns about 2026 softness.
• Carnival is scheduled to report fiscal third-quarter results on Sept. 29, a key near-term check on the recovery narrative.
• Record Q2 2025 results provide the backdrop, including $6.3 billion in revenue, $8.5 billion in customer deposits, and $934 million in operating income, up 67% year over year.
• Debt reduction remains a focus, with $350 million of 2026 notes prepaid and roughly $7 billion refinanced at lower rates year to date, which Stifel says supports a path back to investment grade and potential capital returns.