UBS Maintains a 'Neutral' on Royal Caribbean Cruises (RCL); Volume Declines Show Signs of Recovery

UBS maintains a 'Neutral' on Royal Caribbean Cruises (NYSE: RCL) price target lowered $1 to $29.

UBS analyst says, "RCL guided Q1’12 yields to +5-7% constant currency, but +2-4% on a like-for-like basis (adjusted for tour and China deployment changes). This compares to our Q1 pre-release estimate of +1.8% and consensus +2.5%, showing that bookings before the Concordia accident were stronger than market had anticipated."

"Read-Through through to Carnival (NYSE: CCL) suggests downside potential to our est of 200 bps Concordia impact, as we still expect CCL corporate yields to be more impacted than RCL yields, but perhaps not as large an impact as market was factoring into the stock...Our ‘12 and ‘13 EPS estimates go to $1.94 and $2.57 from $2.50 and $3.01 previously."

For an analyst ratings summary and ratings history on Royal Caribbean Cruises click here. For more ratings news on Royal Caribbean Cruises click here.

Shares of Royal Caribbean Cruises closed at $28.69 yesterday.

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