Carnival Corporation (NYSE:CCL) shares are trading higher Wednesday after Citigroup upgraded Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) from Neutral to Buy and put Royal Caribbean Cruises Ltd. (NYSE:RCL) on a "90 day positive catalyst" watch.

The Details: Citigroup analyst James Hardiman upgraded Norwegian Cruise Line from Neutral to Buy and raised the price target from $20 to $30. Citigroup highlighted the recent cruise rally, which it sees continuing beyond 2025, as a catalyst for growth across the industry, according to a report from Investor's Business Daily. 

Citi also hiked its price target on Royal Caribbean stock from $204 to $253 and issued a "90 day positive catalyst" watch ahead of the company's third-quarter earnings release on Oct. 29. 

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What Else: Oil prices continue to fall on Wednesday, following a 5% selloff on Tuesday, providing relief to cruise lines which are heavily exposed to fuel expenses. 

Additionally, Hurricane Milton is churning in the Gulf of Mexico with landfall expected Wednesday night on Florida's west coast. Carnival has canceled some sailings and modified other itineraries in response to the storm.

Will CCL Stock Go Up?

When trying to assess whether or not Carnival will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12-month price target of $23.45 on Carnival. The Street high target is currently at $28 and the Street low target is $15. Of all the analysts covering Carnival, 7 have positive ratings, one has a neutral rating and 2 have negative ratings.

In the last month, 7 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Carnival have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Carnival is 17.44% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Carnival, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

CCL Price Action: According to Benzinga Pro, Carnival shares are up 7.5% at $20.29 at the time of publication Wednesday.

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