Carnival Corporation lowered its fiscal 2026 net yield growth forecast to 3.2% from 4.1% and slightly reduced adjusted EBITDA guidance to $7.11 billion. Despite these near-term pressures, Jefferies analysts reaffirmed a Buy rating and a $35 price target, highlighting Carnival's strong multi-year outlook driven by margin expansion and expected free cash flow exceeding $9 billion through 2027. The company continues to improve operational efficiencies and plans ship refurbishments, while maintaining confidence in reducing debt and returning capital to shareholders. Jefferies adjusted revenue and EBITDA estimates reflect these dynamics, expecting $27.6 billion revenue and $7.17 billion adjusted EBITDA for 2026.
