Royal Caribbean price target raised to $72 from $62 at Truist

Truist analyst Patrick Scholes raised the firm’s price target on Royal Caribbean to $72 from $62 and keeps a Hold rating on the shares as part of a broader research note on Cruise Lines. According to the firm’s March Demand and Price Survey, the "Wave Season" was a success, though the strength of January is not being sustained into February and March, the analyst tells investors in a research note. Truist adds however that his price target increase for Royal Caribbean is driven by the higher income from TUI Cruises and from raising its target P/E valuation multiple to 12-times from 11-times previously.