Ahead of Carnival Earnings, Here's What Barchart Data Says Comes Next for CCL Stock

Carnival (CCL) stock has been a disappointment for investors in 2026, but the derivatives market believes some recovery is likely after earnings on Sept. 29. Heading into the quarterly print, CCL’s relative strength index (RSI) sits in the mid-30s, indicating the stock is now approaching oversold territory.

Carnival shares have been in a major downtrend since the start of 2026, currently down about 25% year-to-date.  

Where Options Data Suggest Carnival Stock Is Headed

The bullish options market sentiment is particularly significant given Carnival is expected to post $1.36 a share of earnings (EPS) for its Q3, which would represent a 4.9% decline from last year. 

Still, the put-to-call ratio on contracts expiring in early October sits at 0.73x, indicating a bullish skew, and the upper price on those options contracts is set at $23.7, signaling potential for a more than 6% rally by the end of next week. 

CCL stock is currently trading at a forward price-to-earnings (P/E) ratio of less than 10x, which makes it more attractively priced than both Royal Caribbean (RCL) and Norwegian Cruise (NCLH). 

A 2.69% dividend yield makes Carnival even more compelling for income-focused investors. 

How High Can CCL Shares Fly in 2026?

Bank of America analysts nonetheless issued a cautionary research note on Carnival shares ahead of the company’s earnings event, saying elevated oil prices remain a major headwind for the NYSE-listed firm. 

The investment firm even trimmed its price target on the cruise operator this week, but its revised estimate of $38 still represents potential for a whopping 70% rally from current levels. In fact, BofA explicitly admitted in its research note that recent data points have actually remained stable to positive. 

Crucially, CCL has a history of gaining 2.98% on average in October followed by another 5.9% in November — a seasonal pattern that improves its near-term appeal. 

What’s the Consensus Rating on Carnival?

Other Wall Street analysts also recommend owning Carnival for the long term. 

The consensus rating on CCL shares remains at “Strong Buy,” with the mean price target of $33.61 indicating about a 50% upside potential through the remainder of 2026. 

On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.