Citi says Icon of the Seas extends Royal Caribbean’s asset advantage

Citi analyst James Hardiman keeps a Buy rating on Royal Caribbean with a $148 price target after spending the weekend onboard the Icon of the Seas with Royal’s management. Icon represents the first new class of ship since the Quantum class was introduced in 2014, and arguably the most impactful class since the Oasis class launch in 2009, the analyst tells investors in a research note. The firm says Icon of the Seas is the largest cruise ship ever built, boasting 249,000 gross tons, 2,000 feet in length, and a 7,600 passenger capacity. Citi believes Icon is the fullest realization to date of Royal’s multigenerational consumer strategy. It believes the ship further extends Royal’s asset advantage.