BUZZ-Citi Research lifts PTs of cruise operators on strong pricing

Reuters12-12

** Brokerage Citi Research raises cruise stocks' PTs

** Brokerage raises PT of Royal Caribbean Cruises to $283 from $257 and of Carnival Corporation to $30 from $28; Norwegian Cruise Line Holdings' PT remains at $32

** "Pricing data trends remain consistently positive for all cruise operators when looking to 2025 and beyond," says Citi in a note dated Dec. 11

** Citi says "investors seeking the strong growth characteristics, relative affordability, inexpensive valuation, demographic tailwinds, and tariff-free status of the cruise industry will push multiples modestly higher"

** "RCL and NCLH are seeing solidly positive pricing growth throughout 2024 and 2025, the data appears to show significant pricing improvement for CCL in 2025," says brokerage

** Up to last close, RCL up ~90% YTD, CCL up ~44% YTD and NCLH up ~37% YTD

(Reporting by Rupali Chaudhary in Bengaluru)

((Rupali.Chaudhary@thomsonreuters.com))

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