BofA and Deutsche Bank upgrade Royal Caribbean shares to Buy
BofA set a $330 price target, while Deutsche Bank retained its $299 target after raising its rating.
Royal Caribbean received Buy ratings from BofA and Deutsche Bank, with both firms upgrading the cruise company’s shares from their previous recommendations.
BofA moved Royal Caribbean from Neutral to Buy and established a $330 price target. The firm said the company is well placed to capture a larger share of travel spending and pointed to Royal Caribbean’s recently announced investment in Sandals Resorts as another potential growth driver.
According to BofA, the Sandals Resorts investment could produce outsized growth in earnings before interest, taxes, depreciation and amortization. Deutsche Bank separately raised its rating on Royal Caribbean from Hold to Buy while leaving its price target unchanged at $299.
