Nomura Securities Reiterates a 'Buy' on Royal Caribbean Cruises (RCL); Cutting Estimates on Bunker and ForEx
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Price: $305.00 -1.57%
Rating Summary:
24 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
24 Buy, 14 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities reiterates a 'Buy' on Royal Caribbean Cruises (NYSE: RCL) price target of $36.00.
Analyst, Harry C. Curtis, said, "Following CCL’s earnings on Friday, we’re marking our RCL model to market, adjusting both bunker fuel and foreign currency. Higher bunker reduces earnings by $0.14 and less favorable ForEx cuts $0.02 from EPS. As a result, we are lowering our 2012 EPS to $2.29 from $2.47. Likewise, 2013 EPS fall $0.21 (reflecting the full year impact of higher fuel costs) to $3.02, and we are introducing our 2014 estimate of $3.49."
"We reiterate our rating, and believe the stock should be valued at 12x (up from 11x) 2013E EPS of $3.02. We are increasing our target multiples for both RCL and Carnival (NYSE: CCL) due to our expectation for sector demand to recover over the next year."
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 $27.38 yesterday.
Analyst, Harry C. Curtis, said, "Following CCL’s earnings on Friday, we’re marking our RCL model to market, adjusting both bunker fuel and foreign currency. Higher bunker reduces earnings by $0.14 and less favorable ForEx cuts $0.02 from EPS. As a result, we are lowering our 2012 EPS to $2.29 from $2.47. Likewise, 2013 EPS fall $0.21 (reflecting the full year impact of higher fuel costs) to $3.02, and we are introducing our 2014 estimate of $3.49."
"We reiterate our rating, and believe the stock should be valued at 12x (up from 11x) 2013E EPS of $3.02. We are increasing our target multiples for both RCL and Carnival (NYSE: CCL) due to our expectation for sector demand to recover over the next year."
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 $27.38 yesterday.
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