UPDATE: ABG Sundal Collier Reiterates Buy Rating, Raises PT on Royal Caribbean Cruises

In a report published Wednesday, ABG Sundal Collier reiterated its Buy rating on Royal Caribbean Cruises Ltd.

, and raised its price target from $30.00 to $40.00. ABG Sundal Collier noted, “With consensus currently expecting a 2013e EPS of USD 2.50, it seems clear to us that 2012's muted ticket prices are being extrapolated into 2013. According to our comprehensive ticket price analysis, pricing is up an average of 5% relative to pre-Concordia pricing. The recent weakening in the USD has had a compounding effect; we now look for a 2013e EPS of 3.10. Carnival's (CCL.N, USD 37.44, not rated) Q3 report (due out soon) and RCL's Q3 report (expected in late October) should give visibility on 2013 earnings; we expect consensus to revise up expectations to reflect these events. We increase our target price to USD 40 (USD 30) based on 13x our 2013e EPS and keep our BUY rating.” Royal Caribbean Cruises Ltd. closed on Tuesday at $30.25.