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Fly News Breaks for October 19, 2016
RCL, NCLH, CCL
Oct 19, 2016 | 07:58 EDT
SunTrust analyst C. Patrick Scholes says that a recent survey of cruise prices indicates a broad based slowdown across all global regions. The analyst reports that Carnival's (CCL) advertised prices are up only 1.1%, versus a 6.4% jump previously, while Royal Caribbean's prices dropped 1.5% versus a 5.3% gain previously. Norwegian Cruise Line's (NCLH) prices also declined 1.5%, while "most brands were down sequentially," according to Scholes. The analyst downgraded his rating on Norwegian to Hold from Buy and cut his price target on that stock to $43 from $52. He reduced his price target on Royal Caribbean to $92 from $97 and lowered his price target on Carnival to $54 from $57. However, the analyst keeps Buy ratings on the latter two stocks.