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CCL

Carnival

$28.62 /

-0.125 (-0.43%)

, RCL

Royal Caribbean

$86.88 /

-1.075 (-1.22%)

07:02
06/16/21
06/16
07:02
06/16/21
07:02

Wolfe upgrades 'Big 3' cruise stocks on improving booking momentum

Wolfe Research analyst Greg Badishkanian upgraded Carnival (CCL), Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) to Outperform from Peer Perform with price targets of $32, $94 and $36, respectively. The upgrade of the "Big 3" public cruise stocks comes after his channel checks suggested improving booking and pricing trends out of North America over the past month, with stronger trends over the past week. While there is some lingering uncertainty surrounding the U.S. restart, the unknowns are "largely transitory when viewed against the broader reopening backdrop," Badishkanian tells investors in a research note. Cumulative 2022 bookings are now up 10% to 15% versus 2019 levels with signs of improving Q1 demand, and pricing is up in the 15% to 25% range versus 2019 before factoring in future cruise credits, says the analyst. He expects pent-up demand and "normalized" capacity to support debt pay down efforts.

CCL

Carnival

$28.62 /

-0.125 (-0.43%)

RCL

Royal Caribbean

$86.88 /

-1.075 (-1.22%)

NCLH

Norwegian Cruise Line

$30.85 /

-0.13 (-0.42%)

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CCL Carnival
$28.62 /

-0.125 (-0.43%)

06/16/21 Wolfe Research
Carnival upgraded to Outperform from Peer Perform at Wolfe Research
06/11/21 Credit Suisse
Royal Caribbean selloff on Covid cases an opportunity, says Credit Suisse
06/11/21 Argus
Carnival price target raised to $35 from $33 at Argus
05/12/21 Stifel
Carnival price target raised to $37 from $35 at Stifel
RCL Royal Caribbean
$86.88 /

-1.075 (-1.22%)

06/16/21 Wolfe Research
Royal Caribbean upgraded to Outperform from Peer Perform at Wolfe Research
04/29/21 William Blair
Royal Caribbean March bookings on par with 2019 peak wave, says William Blair
04/23/21 Morgan Stanley
Royal Caribbean price target raised to $61 from $50 at Morgan Stanley
NCLH Norwegian Cruise Line
$30.85 /

-0.13 (-0.42%)

06/16/21 Wolfe Research
Norwegian Cruise upgraded to Outperform from Peer Perform at Wolfe Research
06/09/21 Stifel
Norwegian Cruise Line price target raised to $40 from $37 at Stifel
04/21/21 Berenberg
Norwegian Cruise Line price target raised to $25 from $22 at Berenberg

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