Barclays analyst Brandt Montour maintained a Buy rating on Royal Caribbean (RCL – Research Report) yesterday and set a price target of $150.00.
Brandt Montour has given his Buy rating due to a combination of factors surrounding Royal Caribbean’s recent financial performance and future earnings potential. The analyst noted that the company raised its fiscal year 2024 earnings per share (EPS) target to around $10, signaling a robust bookings momentum that surpassed initial expectations. This update reflects a modest yet significant increase in net yields and highlights the company’s operational leverage. The unexpected timing of this guidance update, shortly after the quarterly earnings report, suggests a strong confidence in the company’s ongoing business trajectory and counters any market narratives of decelerating demand.
Furthermore, the company reported historically high demand during the WAVE season, with booking rates and volumes for all four quarters of 2024 already outpacing the previous year’s figures. This includes the latter half of the year, which is showing even stronger bookings than the earlier months. Onboard spending also continues to reach record highs, attributed to increased customer participation and spending levels. The positive outlook and the timely corrective to market concerns regarding Royal Caribbean’s business momentum underpin Brandt Montour’s Buy rating for RCL.
In another report released on February 16, UBS also maintained a Buy rating on the stock with a $154.00 price target.
RCL’s price has also changed moderately for the past six months – from $99.270 to $114.900, which is a 15.74% increase.
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Royal Caribbean (RCL) Company Description:
Royal Caribbean Cruises Ltd. operates as a global cruise vacation company. It operates global cruise brands: Royal Caribbean International, Celebrity Cruises, Azamara and Silversea Cruises. The firm also holds interest in TUI Cruises, Pullmantur and SkySea Cruises brands. The company was founded in 1968 and is headquartered in Miami, FL.
Read More on RCL:
- Royal Caribbean Unveils Updated Financial Outlook for 2024
- ROYAL CARIBBEAN GROUP INCREASES 2024 GUIDANCE ON ACCELERATING DEMAND
- 3 Best Stocks to Buy Now, 2/19/2024, According to Top Analysts
- Royal Caribbean orders seventh Oasis Class ship for delivery in 2028
- Royal Caribbean put volume heavy and directionally bearish
