Stifel raised the firm’s price target on Royal Caribbean to $120 from $100 and keeps a Buy rating on the shares after hosting the company’s management team for a series of investor meetings. Stifel believes bookings and demand will remain “incredibly strong” for the remainder of FY23 and into FY24, the analyst tells investors. While there is a fear around consumer softening, Stifel notes that cruise demand was sheltered during COVID more than other vacation alternatives and believes there is a two-to-three year pent-up backlog in demand.
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Published first on TheFly
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