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Fly News Breaks for February 26, 2020
Feb 26, 2020 | 07:50 EDT
Morgan Stanley analyst Jamie Rollo said his channel checks point to double-digit booking volume drops in the U.S. and Europe in recent weeks for the major cruise lines and he has lowered his EPS forecasts by 25-30% for Carnival (CCL), Norwegian Cruise Line (NCLH) and Royal Caribbean (RCL) based on the checks and his analysis of prior incidents that were like the Covid-19 outbreak. While the stocks are down about 30% year-to-date, the damage to demand may linger, said Rollo, who is staying cautious on the group. Rollo cut his price target on Carnival Corp. shares to $47 from $49, lowered his Royal target to $135 fro $140 and trimmed his Norwegian price target to $57 from $59.
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