Citi raised the firm’s price target on Royal Caribbean (RCL) to $304 from $283 and keeps a Buy rating on the shares. The firm says that on the strength of a “significantly” better than expected cost outlook, Royal was not only able to meet earnings guidance expectations amid fuel and currency headwinds. However, the announcement of Celebrity’s entrance into the river cruise market further broadens the company’s portfolio of high-return investment opportunities, and further extends the horizon for strong earnings growth, the analyst tells investors in a research note.
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