Wells Fargo lowered its price target on Carnival Corporation to $36 while keeping its Overweight rating, citing cheaper Caribbean alternatives that are making it harder for cruise operators to push pricing and hold expected yield levels through Carnival's current fiscal fourth quarter and the first half of next year. Carnival stock fell 2% to $22.03, but Norwegian Cruise Line Holdings dropped 3% to $14.28, falling harder than the actual subject of the note as the sector's most at-risk operator. Royal Caribbean fared best of the three, off 2% to $250.98, helped by a broader itinerary map and premium-brand positioning, with the Caribbean representing 57% of its full-year 2026 capacity. Norwegian has already fallen 25% over the past month, cut full-year 2026 adjusted EPS guidance to $1.50 with net yield expected to decline 5% in constant currency, and guided third-quarter 2026 net yield to decline 8.9%, while fuel per metric ton net of hedges rose to $888 from $659 year over year. Carnival, meanwhile, posted a 12th consecutive quarter of record net yields and record customer deposits of $9 billion, and has scheduled a fiscal third-quarter 2026 earnings conference call that could be the next official venue for management commentary on Caribbean bookings and pricing.
Carnival Corporation
Norwegian Cruise Line Holdings Ltd
Royal Caribbean Cruises Ltd
Wells Fargo & Company