Positive Outlook and Strong Performance Drive Buy Rating for Royal CaribbeanWe note that 25E yield guide continues to reflect a very strong year, however, with yield spread over NCC's, an industry-leading ~3.5% at midpoint. Moreover, RCL has beaten high end of yield by 35-40 bps the past two qtrs. Last call, RCL noted ~140 bps 2HE yield headwinds on timing of new ship deliveries & drydocks, with Q3E most hurt. Mgmt now expects 150 bps headwind to Q3E and 90 bps to Q4E (implies ~125 bps 2HE headwind, or 15 bps better vs. last call). Delivery timing: Headwinds related to late-in-quarter/year new deliveries (Star of the Seas maiden voyage Aug. 31; Celebrity Xcel Nov. 18, compare to Icon Jan. 27, 2024, and Utopia Jul.