Royal Caribbean Cruises (RCL) Reached CF Breakeven in April, Wolfe Research reiterates OutperformThe analyst stated "First quarter bookings were sequentially stronger than 4Q 2021, despite the impact of Omicron early in the year. Booking volumes improved each week through the quarter, with March and April volumes higher than 2019 levels. The 2H booked position is slightly below historical ranges (vs. within range as of last quarter), at prices that are up vs. 2019 levels (even including the dilutive effect of FCCs). For 2023, the booked position is currently within historical ranges for each quarter, with prices at record levels. Overtime, the company is looking to close its pricing gap vs. land-based vacation options (though in the near-term, the cruise value prop could offer some protection from inflation headwinds)."