Truist has raised its price target on Royal Caribbean Cruises (RCL) to $175 from $151, and lowered its price target on Carnival Corporation (CCL) to $17 from $18. Patrick Scholes, the analyst behind these calls and Truist Securities Managing Director of Lodging and Leisure Equity Research, joins Market Domination to discuss the cruise sector. Norwegian Cruise Line Holdings also received a rating upgrade from Scholes, who notes that Norwegian Cruise Line's (NCLH) progress has not been fully appreciated by the market. The catalysts ahead for Norwegian include the fact that it is on track to hit earnings guidance and that the company has a "huge" development opportunity with its private island. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This article was written by Gabriel Roy
SIG, RCL and EAT made it to the Zacks Rank #1 (Strong Buy) growth stocks list on May 30, 2023.
Cruise operators Royal Caribbean, Carnival and Norwegian Cruise Line Holdings are discounting summer itineraries as they look to fill empty cabins, according to travel agencies and company websites. The companies are lowering summer prices in part because more vessels are headed for already popular Caribbean and Alaskan destinations - and as they reroute ships away from Red Sea destinations due to the ongoing conflict between Israel and Hamas. In the Caribbean and Bermuda, Royal Caribbean's seven-day itinerary prices in June are down 21% year-over-year as of May. Similar Norwegian and Carnival itineraries are down 12% and 11% respectively, according to TripAdvisor's Cruise Critic, a vacation planning website.