Royal Caribbean price target lowered to $321 from $333 at Truist

Truist analyst C. Patrick Scholes lowered the firm’s price target on Royal Caribbean (RCL) to $321 from $333 and keeps a Hold rating on the shares as part of a broader research note on Cruise Lines. The firm’s lengthy conversations over the past month with senior executives in the travel industry and examining “big data” on future cruise bookings and pricing indicate that supply for the contemporary-mass market segment is slightly higher than that of demand, the analyst tells investors in a research note. Underlying demand for this segment is fairly lethargic and in light of mid-single digit supply growth this year through 2027 and following last year’s low-teens growth rate, companies are increasingly relying on promotional activity/value-adds in order to fill cabin, the firm added.