Truist lowered the firm’s price target on Royal Caribbean to $134 from $137 and keeps a Buy rating on the shares. Based on conversations with executives at large travel agencies that specialize in cruises as well as “big data” on future bookings, Truist says that while overall trends are encouraging, the firm has observed some pockets of weakness in bookings, which likely stem from a combination of Israel itineraries being dropped or rerouted through 2024 and general traveler uneasiness likely related to the conflict in Israel. Truist believes industry-wide bookings for 2024 are now closer to the middle of the range of where companies want them to be whereas two months ago they were at the upper-end.
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