Citi Adds Royal Caribbean Cruises to 90-Day Positive Catalyst Watch List

Citi analyst James Hardiman reiterated a Buy rating and a $362.00 price target on Royal Caribbean Cruises (NYSE: RCL).

The reiteration follows Royal Caribbean's announced acquisition of a 50% stake in Sandals Resorts. Hardiman described the deal as "a straightforward move into the all-inclusive resort business," calling it "a solid but unremarkable deal" on its own merits.

Hardiman noted that the more significant opportunity, in his view, lies in Royal Caribbean's growing portfolio of private land-based destinations and the potential synergies for both cruise customers and the company's growth. He added that Citi is placing a 90-day positive Catalyst Watch on RCL shares, citing upcoming events including Q3 earnings and an analyst day planned for mid-November aboard the Icon Class ship Legend of the Seas.

The analyst also referenced a roughly 10% decline in RCL shares over the two days prior to the note. Shares of Royal Caribbean Cruises closed at $230.30 most recently.

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