Argus Downgrades Royal Caribbean Cruises (RCL) to Hold
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Argus downgraded Royal Caribbean Cruises (NYSE: RCL) from Buy to Hold.
The analyst notes rduced guidance assumes higher fuel costs and foreign exchange headwinds, offset in part by the company’s better-than-expected 2Q earnings.
With regard to currency, management estimated that the depreciation of the pound following the Brexit vote would reduce 2016 earnings by $0.14 per share.
The firm is lowering 2016 EPS estimate from $6.40 to $6.15 and 2017 estimate from $7.40 to $7.10.
Shares of Royal Caribbean Cruises closed at $69.08 yesterday.
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