Color on Bernstein's Upgrade of Royal Caribbean (RCL): Sees Positive Net Revenue Yields in 2010
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Color on Bernstein note on Royal Caribbean (NYSE: RCL):
Sanford C. Bernstein upgrades Royal Caribbean two-notches from Underperform to Outperform, also raising their price target from $11 to $23.
With shares of Royal Caribbean up 5.5% to $17.77 today, Bernstein's boosted price target represents potential upside of about 30% from current levels.
The firm believes that Royal Caribbean's net sales yields could be positive sometime during 2010, with margins benefiting from "recent cost reductions and anticipated fleet efficiencies." Bernstein feels that the company is now on more stable financial footing given that RCL has successfully managed its 2010 maturities.
Bernstein also noted that "read-across from competitor Carnival Corp. (NYSE: CCL) could be more modest based on the companies' lower financial leverage." Consequently, the firm lifted its price target on Carnival from $29 to $31, maintaining its Market Perform rating.
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