UPDATE: SunTrust Downgrades Royal Caribbean Cruises (RCL) to Hold; 'don't expect NA cruising until at least 2Q21'
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(updated to add analyst comments)
SunTrust analyst C. Patrick Scholes downgraded Royal Caribbean Cruises (NYSE: RCL) from Buy to Hold with a price target of $48.00 (from $49.00).
The analyst commented, "Historically in this report, we typically focus on percentage changes in forward booking volumes and pricing based on data and conversations from large travel agencies and other industry sources. However, over the past month what most stood out to us was the conviction from these sources that cruising in any meaningful way in North America (and only limited at best for Europe) for the major brands will not resume until at least 2Q21. This is a material setback from the expected October starting dates that our sources were telling us just two months ago."
Shares of Royal Caribbean Cruises closed at $49.80 yesterday.
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