Royal Caribbean price target raised to $100 from $95 at BofA

BofA raised the firm’s price target on Royal Caribbean to $100 from $95 and keeps a Neutral rating on the shares following what the firm calls “another strong earnings print.” Royal guided 2024 EPS to over $9, which was over 8% above consensus, easing concerns that net yield growth would not keep pace with higher non-fuel costs next year, notes the firm, which raised its 2023 and 2024 EPS estimates to $6.49 and $9.11, respectively. Despite the strong outlook, shares were only up 1% as geopolitical risks remain high and consumer concerns continue, notes the firm, which believes cruise shares could continue to be range-bound until these concerns ease.