Nomura Securities on American Leisure: ZEW Could Foreshadow Price Increases at RCL and CCL

Nomura Securities on American Leisure: ZEW could foreshadow price increases at RCL and CCL

Analyst, Harry C. Curtis, said, "The German ZEW index (a measure of economic expectations) rose to 22.3, much higher than the consensus of 10.0 and Nomura’s 7.8 expectation. In our view, this is a positive indication for consumer health in Germany, France and Great Brittan. We believe that the sharp increase in European confidence could drive better-thanexpected close-in bookings (and yields) in 2H12 for both Royal Caribbean (NYSE: RCL) and Carnival (NYSE: CCL). The industry has been plagued by soft pricing in that region since the Arab spring heated up last summer. The cruise industry sources about 29% of its passengers from Europe, where 36% of its capacity is deployed."

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