UPDATE: Redburn Downgrades Royal Caribbean Cruises (RCL) to Neutral
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(updated to add analyst comments)
Redburn analyst Alex Brignall downgraded Royal Caribbean Cruises (NYSE: RCL) from Buy to Neutral with a price target of $18.00.
The analyst commented, "We share prices having doubled from the lows, the sector enterprise value has fallen 30% in the crisis, which is a fair reflection of the new risk-reward profile. We cut our company recommendations to Neutral to Buy, as short-term uncertainty overwhelms long-term fundamentals."
Shares of Royal Caribbean Cruises closed at $56.20 yesterday.
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