Goldman Sachs Cuts Carnival Stock Price Target on Yield Concerns

Goldman Sachs has lowered its price target for Carnival Corporation (Carnival) to $30 from $35, maintaining a Buy rating on the cruise operator. The stock currently trades at $22.35, hovering just above its 52-week low of $21.93.

Analyst Lizzie Dove noted that the stock has pulled back roughly 20% over the past month, with higher oil prices and some demand weakness likely now priced in. The firm sees considerable valuation support at current levels.

Goldman Sachs expressed uncertainty about calling an inflection point into earnings, citing pockets of heightened close-in discounting and Street estimates that remain too high for 2027. The firm's analysis does not point to a positive spread on yield-to-cost growth in 2027.