What's Going On With Carnival Stock?

Carnival Corporation CCL shares are trading lower Tuesday. The company reported its third-quarter earnings on Monday and issued weaker-than-expected guidance for the fourth quarter.

What To Know:

Carnival beat analysts third-quarter expectations on the top and bottom lines. However, the company said it sees fourth-quarter earnings of 5 cents per share, below the consensus estimate of 7 cents per share. 

Following the print, Mizuho analyst Ben Chaiken maintained Carnival’s stock with an Outperform rating and raised the price target from $25 to $26. Morgan Stanley maintained an Underweight rating, but raised the price target from $15 to $16.50.

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Carnival's stock fell immediately after the earnings release, but climbed back steadily through Monday's session. The stock is pulling back Tuesday on above-average volume as investors digest the company's guidance and updated price targets.

Broader markets are down on reports suggesting Iran may be preparing an attack on Israel which could lead to additional uncertainty in the region and global markets.  

Will CCL Stock Go Up?

When trying to assess whether or not Carnival will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $22.07 on Carnival. The Street high target is currently at $27 and the Street low target is $15. Of all the analysts covering Carnival, 4 have positive ratings, one has a neutral rating and 2 have negative ratings.

In the last month, 4 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Carnival have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Carnival is 4.31% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Carnival, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

CCL Price Action: According to Benzinga Pro, Carnival shares are down 4.25% at $17.70 at the time of publication Tuesday.

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