BUZZ-Cruise stocks hit record high as Truist raises PTs on strong demand, pricing

Reuters12-02 22:57
BUZZ-Cruise stocks hit record high as Truist raises PTs on strong demand, pricing

** Cruise stocks hit record highs after brokerage Truist Securities raises PTs on strong pricing and steady sea travel demand

** Shares of Carnival Corp CCL.N rises 3.50% to $26.33, Norwegian Cruise Line Holdings NCLH.N rises 5% to $28.40 and Royal Caribbean Cruises RCL.N up about 2% at $248.27

** Truist Securities raises PT of RCL to $272 from $204, NCLH to $35 from $25 and CCL to $29 from $20

** Brokerage says prices for Q1 2025 and Q2 2025 sailings will likely accelerate as departure dates get closer

** "Q3 25 bookings look extremely strong, driven by strength in Europe," says Truist analyst Patrick Scholes

** Brokerage believes strength in premium market Europe partly driven by the "wealth effect" where higher-end consumers feel good about spending

** Says strength in the Mediterranean is aided by American travelers being more comfortable going to the Eastern Mediterranean in 2025 than they were following the conflict in the Middle East

** Up to last close, RCL up ~89%, CCL up ~39% and NCLH up 34.2% so far this year

(Reporting by Aamir Sohail in Bengaluru)

((Aamir.Sohail@thomsonreuters.com;))

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