Citi analyst James Hardiman raised the firm’s price target on Royal Caribbean (RCL) to $390 from $318 and keeps a Buy rating on the shares. The firm believes “better-than-ever” demand dynamics and “lower-than-historical” supply growth dynamics are setting up a favorable pricing environment for the cruise lines that could last much longer than investors expect. Citi says recent data shows improving trends in May through July. The firm replaced Royal Caribbean with Carnival (CCL) on its Focus List due to valuation.
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