Royal Caribbean price target raised to $175 from $151 at Truist

Truist raised the firm’s price target on Royal Caribbean to $175 from $151 and keeps a Buy rating on the shares as part of a broader research note on Cruise Lines. Conversations this month with senior travel reservation industry executives and “big data” analysis of future cruise bookings and pricing suggest that overall the booking and pricing trends continue to look encouraging, with the greatest opportunity for potential 2024 earnings upside continuing to come from elevated pricing on near-in bookings given the limited inventory left to sell for 2024, the analyst tells investors in a research note. Royal Caribbean is also the industry leader with its extremely well-received new ships and its first to market “onboard & other” amenities such as CocoCay and newly introduced private beaches, the firm added.