Why Royal Caribbean Group Shares Are Rising During Thursday's Session

Zinger Key Points
  • Royal Caribbean shares are higher Thursday amid strength in cruise stocks.
  • Tigress Financial analyst Ivan Feinseth maintained Royal Caribbean with a Buy and raised the price target.

Royal Caribbean Cruises Ltd RCL shares are trading higher by 3.8% to $125.40 during Thursday's session. The stock is trading higher in sympathy with peer cruise line operator Carnival Corp after the company reported better-than-expected fourth-quarter financial results and issued first-quarter and FY24 guidance.

Additionally, Tigress Financial analyst Ivan Feinseth maintained Royal Caribbean with a Buy and raised the price target from $139 to $155.

What Happened With Carnival?

Carnival's fourth-quarter sales exceeded analyst expectations at $5.397 billion compared to the anticipated $5.306 billion. Passenger Cruise Days rose to 23.6 million from 18.3 million a year ago, with fourth-quarter occupancy reaching 101%.

Additionally, total customer deposits hit a record high of $6.4 billion, surpassing the previous fourth-quarter record by 25%...Read More

According to data from Benzinga Pro, RCL has a 52-week high of $126.21 and a 52-week low of $47.91.

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