TD Cowen lowered the firm’s price target on Royal Caribbean (RCL) to $350 from $400 and keeps a Buy rating on the shares. As part of a Q1 earnings preview for the cruise group, the firm cut 2026 earnings estimates to reflect higher fuel costs. Carnival’s earnings call may be a negative catalyst on a large a earnings cut and possible yield cut, the analyst tells investors in a research note. TD, however, sees “resilient” travel trends to date.
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