Shares of cruise ship operators rose Friday, after Truist analyst Patrick Scholes raised his price targets, citing evidence that “pent-up demand” was a real thing, but he still doesn’t recommend investors buy, at least not yet.
Although sales this year through early March are still “deeply negative” from the same time in pre-COVID 2019, 2022 bookings are looking 30% to 35% above 2019 levels, Scholes said. “Clearly there is significant pend-up demand, especially from experienced cruisers and those that had their cruises canceled and most notably for seniors on higher-end/premium cruises,” Scholes wrote in a note to clients.
But currently, Royal has suspended cruise operations for most ships through at least April, while Norwegian and Carnival Cruise Line has suspended cruises through May.
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