Goldman Sachs Trims Carnival Price Target Amid Yield Concerns

Goldman Sachs has lowered its price target for Carnival Corporation to $30 from $35 while 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.

Lizzie Dove, an analyst at Goldman Sachs, noted that the stock has pulled back roughly 20% over the past month due to higher oil prices and some demand weakness.

The firm sees considerable valuation support at current levels but 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.

Carnival is more exposed to both macroeconomic and promotional pressures than its peers due to roughly 20% of its customers being brand switchers and many of its brands being value-oriented and price sensitive.

The company is pulling roughly 5% of its capacity out of the Caribbean and into Europe for 2027, while industry Caribbean capacity growth is expected to be lower than 2026 levels.