Argus Downgrades Royal Caribbean Cruises (RCL) to Hold

Argus downgraded Royal Caribbean Cruises (NYSE: RCL) from Buy to Hold.

The analyst notes rduced guidance assumes higher fuel costs and foreign exchange headwinds, offset in part by the company’s better-than-expected 2Q earnings.

With regard to currency, management estimated that the depreciation of the pound following the Brexit vote would reduce 2016 earnings by $0.14 per share.

The firm is lowering 2016 EPS estimate from $6.40 to $6.15 and 2017 estimate from $7.40 to $7.10.

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 $69.08 yesterday.

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