Stifel raised the firm’s price target on Royal Caribbean (RCL) to $310 from $250 and keeps a Buy rating on the shares. Based on strong forward demand/pricing and optionality around land-based projects, the firm believes current outyear consensus estimates remain “too conservative” and feels “more than comfortable” to raise its 2024-2026 EBITDA estimates to now sit ahead of consensus and Royal’s 2024 guidance based on continued strength in booking/pricing patterns, the analyst tells investors.
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