As previously reported, Melius Research analyst Conor Cunningham upgraded Carnival (CCL) to Buy from Hold with a $19 price target. The cruise industry was the hardest hit by the pandemic and the last to reopen, but the positive demand momentum witnessed at hotels, airlines and other travel sectors is now playing out within the cruise industry, the analyst tells investors. Booking trends are gaining momentum and the margin trajectory continues to surprise to the upside, says the analyst, who notes the firm’s models are on average 13% above the Street in 2024 for the group, which is “conservative.” Cruise lines “have the most compelling setup into 2024 within the travel sector,” says the analyst, who continues to have a favorable view of Royal Caribbean (RCL) and Norwegian Cruise Line (NCLH) as well.
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