UPDATE: Jefferies Lowers Target to $38 on Royal Caribbean
Jefferies maintains its Buy rating on Royal Caribbean (NYSE: RCL) and lowers its target price to $34 from $36 a share on higher assumed oil prices and fallout from the Costa Concordia incident.
Jefferies nots, "We reiterate our Buy recommendation on RCL with a slightly lower $34 price target. This follows a 25% (78 cents) reduction in our 2012 forecast EPS caused by a materially higher assumed oil price (55 cent hit) and lower assumed net revenues (28 cent hit) caused by the Costa Concordia incident."
RCL closed at $28.69 a share on Thursday.
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