Carnival Corp.’s (CCL) stock saw a surge in the cruise line industry on Monday following an upgrade from Bank of America analysts. The analysts noted that demand is trending higher and, in some cases, surpassing pre-pandemic levels. Bank of America upgraded Carnival to Buy from Neutral and raised its price target from $11 to $20. It also raised price targets for both Royal Caribbean (RCL) and Norwegian Cruse (NCLH) lines while keeping a Neutral rating on both companies.
“The cruise recovery is now stable,” said Bank of America analyst Andrew Didora in a Monday note after meeting with the management teams at all three publicly traded cruise lines. Despite still trading at a significant discount to pre-pandemic levels, all three cruise stocks have rallied to start 2023, with Royal Caribbean rising nearly 100%. “In our opinion, the cruise industry’s long booking window and strong current demand could allow it to be less susceptible to a slowdown in the leisure consumer relative to other areas of travel,” Didora…
2023-06-12 12:32:44
Post from finance.yahoo.com
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