BofA Securities analyst Andrew G. Didora expects fuel costs to weigh on Carnival Corporation's (NYSE:CCL) first quarter 2026 earnings, while maintaining a constructive demand outlook, a Buy rating and a $45 price target, implying about 86.6% upside.

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Q1 Outlook and Fuel Cost Pressure

Carnival will report results on March 27 as the first unhedged, commodity-exposed travel company to guide in the current environment. Didora expects fuel, near-term demand and regional pricing to be key focus areas.

Elevated fuel prices prompted him to cut 2026 EPS to $2.06 from $2.53 and reduce EBITDA by roughly $650 million to $7.03 billion.

For the first quarter, he largely holds estimates steady, projecting EBITDA of about $1.26 billion, slightly above guidance, and EPS of 17 cents in line with consensus. He ...