Deutsche Bank Starts Royal Caribbean Cruises (RCL) at Hold
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Deutsche Bank initiated coverage on Royal Caribbean Cruises (NYSE: RCL) with a Hold rating and a price target of $81.
Analyst Chris Woronka said, "Even based on our below consensus 2017 forecast, RCL will in fact have doubled EPS since 2014 and the 10%+ ROIC target appears well within reach as well. RCL also very recently hiked its dividend by 28% (yield: 2.6%), which could bolster its investment appeal. And while we view apparent valuation (10.9x 2017E P/E) as more than reasonable, we believe investors likely need to get comfortable that projected out-year growth will in fact come to fruition. Our view is that likely won't occur until at least such time as we have a more firm grasp on how 2017 bookings--in totality--are trending. In light of all of these considerations, we initiate with a Hold rating and $81 PT."
Shares of Royal Caribbean Cruises closed at $74.21 yesterday.
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