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JPMorgan raised its estimates for Royal Caribbean Cruises Ltd (NYSE:RCL) following the latest fieldwork and conversations with management.
The Royal Caribbean Cruises Analyst: Analyst Matthew Boss reiterated an Overweight rating and price target of $367.
The Royal Caribbean Cruises Thesis: Management indicated stronger close-in demand due to the guests continuing to move younger, with 50% now being Millennials or younger, which leads to more close-in booking behavior and higher mix of shorter duration cruises,Boss said in the note.
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This supports higher net yield growth, he added.
The earnings estimate for the third quarter has been raised to $5.71 per share, which is above Street expectations of $5.65 per share and management's guidance of $5.55-$5.65 per share, the analyst stated. This is based on +3.5% reported net yield growth, which is higher than management's guidance of 2.3%-2.8% guidance, he said.
The 2025 earnings estimate of $15.71 per share is also higher than Street expectations of $15.65 per share and guidance of $15.41-$15.55 per share, "with incremental potential upside to our 4Q25 estimates (driven by continued above-plan close-in demand)," Boss further wrote.
Price Action: Shares of Royal Caribbean Cruises had declined by 0.38% to $335.16 at the time of publication on Monday.
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Posted In: RCL
