Carnival Corporation CCL The company is set to report its second-quarter (Q2) results on Tuesday. Wall Street expects EPS of -20 cents on revenue of $5.7 billion when the company reports results pre-market hours.
Shares have risen 2.33% over the past year but are down 12.30% year-to-date.
Let’s take a look at what the chart for Carnival stock shows and how the stock’s price currently lines up with Wall Street expectations.
Carnival shares trend bullish ahead of second-quarter earnings release
Technical analysis indicates a strong bullish trend for Carnival stock, with the stock price of $16.07 trading above the 5-day, 20-day, and 50-day exponential moving averages, indicating strong buying pressure.
Charts: Benzinga Pro
Specifically, Carnival shares have a 20-day SMA of $16.05 and a 50-day SMA of $15.24, both of which suggest bullishness, while a 200-day SMA of $15.29 further supports this.
Charts: Benzinga Pro
The Moving Average Convergence Divergence (MACD) indicator at 0.21 also suggests bullish sentiment, as does the Bollinger Band (20) range from $14.83 to $17.27.
The relative strength index (RSI) is neutral at 55.26, suggesting the stock is neither overbought nor oversold, however, the recent trajectory and current uptrend could be pushing the RSI towards 70, which is overbought territory.
Overall, these indicators point to continued bullish momentum for Carnival stock, although some caution is warranted as the RSI is overbought.
Also read: What’s happening with Carnival’s stock price?
Carnival stock analysts predict upside of up to 25%
Ratings and consensus forecasts: Carnival shares currently have a consensus analyst rating of “Buy” with a price target of $18.78, however, recent analyst reviews received since May 14th from Truist Securities, Wells Fargo, and UBS indicate an average price target for the stock of $20.33, suggesting room for upside of 25.55%.
JPMorgan rates the stock overweight with a target price of $21. The firm expects “continued progress on CCL’s multi-year portfolio opportunity,” as well as “continued strength in the Carnival brand (~35% of mix), AIDA (~12% of mix), and incremental improvements in the European fleet.”
CCL Price Trends: Carnival shares are up 2.55% and trading at $16.48 at press time.
Read next: Carnival prepares to report second-quarter earnings: Here are recent estimate changes from Wall Street’s most accurate analysts
