JPMorgan is Bullish Ahead of Cruise Line Catalysts, Raises PTs on CCL, RCL and NCLH

March 16, 2021 7:50 AM EDT
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JPMorgan analyst raised the Price Targets of Carnival Corp. (NYSE: CCL), Royal Caribbean Group (NYSE: RCL) and Norwegian Cruise Line (NYSE: NCLH) to $33, $110 and $36 from $23, $100 and $33 after updating models for 2022E ticket pricing. The lever for the changes is discounting where the analyst now assumes ticket pricing next year will be down only modestly versus 2019.

The analyst stated "We publish 2023E estimates, which assume near-full occupancy and ticket pricing/onboard (per PCD) equal to 2019 levels; we see upside to the latter as we move through this year and into prime 2022 booking season. We also update our models for recent capital markets activity. Post recent financing transactions, public operators all have liquidity runways (zero revenue) well through mid-2022, more than adequate, in our view."

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