Cruise stocks decline as Wells Fargo trims Carnival target
Norwegian, Carnival and Royal Caribbean shares fell as operators presented differing earnings and yield outlooks.
Shares of the three major cruise companies were lower at the time reported. Norwegian Cruise Line Holdings fell 3% to $14.28, while Carnival Corporation declined 2% to $22.03 and Royal Caribbean dropped 2% to $250.98.
Wells Fargo reduced its price target for Carnival to $36 but maintained an Overweight rating. The firm said lower-priced Caribbean alternatives were creating pressure on pricing and expected yields through Carnival’s current fiscal fourth quarter and the first half of next year. Carnival, meanwhile, reported its 12th consecutive quarter of record net yields and a record $9 billion in customer deposits.
Norwegian lowered its full-year 2026 adjusted earnings-per-share guidance to $1.50. The company projected a 5% decline in constant-currency net yield for the year and an 8.9% decrease in the third quarter of 2026. Chief Executive John Chidsey characterized the year as the early stage of a turnaround and said the company had identified an additional $100 million in annualized cost savings.
Royal Caribbean raised its full-year 2026 adjusted earnings-per-share forecast to a range of $17.73 to $17.87.
