What's Going On With Carnival Stock?

Carnival Corporation CCL shares are trading higher Wednesday after the company posted better-than-expected second-quarter financial results Tuesday. 

The Details:

Carnival's stock notched its best trading day of 2024 Tuesday after the company beat analysts' expectations on both the top and bottom line. The company said it continues to experience strong bookings momentum driven by record booking volumes for 2025 sailings.

The company highlighted its booking curve in North American as higher than it ever has been and its adjusted EBITDA achieved the highest second-quarter level in over 15 years. 

Goldman Sachs analyst Lizzie Dove pointed to ticket revenue per Passenger Cruise Days (PCD) of $154.49, up 7.2% year-over-year and beating Goldman Sachs' estimates. The analyst also highlighted occupancy rates of 104%, surpassing the estimate of 103.3%, and net yields of $186.55, marking a 12.2% year-over-year increase. 

According to data from Benzinga Pro, Carnival shares are trading above the stock’s 50-day moving average of $15.31 and are approaching its 52-week high of $19.74. 

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CCL Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Carnival have an average 1-year price target of $22.45, representing an expected upside of 23.01%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. No analysts have bearish recommendations on Carnival, while 10 analysts have bullish ratings. The street high price target from Tigress Financial is $25, while the street low from Truist Securities is $17.

CCL Price Action: According to Benzinga Pro, Carnival shares are up 2.3% at $18.23 at the time of publication Wednesday.

Image: Ed Junkins from Pixabay