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Dear Fellow Investor,
Cruise stocks are on sale.
With the recent pullback in the overall market, some of the top cruise stocks like Royal Caribbean pulled back. However, after catching strong support, most are ready to pivot higher.
We also have to consider that cruise demand has been growing explosively.
In fact, cruise demand reached 107% of 2019 levels in 2023, with 31.7 million passengers sailing. By 2027, that number is expected to sail to about 40 million. By 2028, according to Reuters, the global industry expects to carry 10% more passengers than the 31.7 million who took cruise holidays in 2023.
With growth showing no signs of slowing, investors should look at every dip as an opportunity.
Company: Royal Caribbean (SYM: RCL)After testing a high of $170, RCL slipped to about $154, where it caught strong support at its 50-day moving average. Helping, the company just posted strong earnings, and raised its outlook for 2024 earnings, and just reinstated its dividend.
In its first quarter, the company posted adjusted EPS of $3.21 on revenue of $4.1 billion, as compared to estimates for EPDS of $2.76 on revenue of $4 billion. It also now expects 2024 adjusted earnings to be in the range of $11.35 to $11.45 a share, compared with an earlier call for $10.70 to $10.90 a share.
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Company: Carnival (SYM: CCL)
Carnival also pulled back, catching support at its 50-day moving average.
Earnings were strong here, too.
Its second quarter earnings per share of 11 cents beat by 13 cents. Revenue of $5.78 billion (up 17.7% year over year) beat by $90 million. Total customer deposits jumped to an all-time high of $8.3 billion, passing its previous record of $7.2 billion in May 2023.
Moving forward, it expects 2024 adjusted profit per share of about $1.18, compared with its earlier forecast of 98 cents. It also forecast an adjusted profit of $1.15 per share for the third quarter. Analysts had expected a profit of $1.10.
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Company: Norwegian Cruise Line (SYM: NCLH)
Another one of the top cruise stocks to buy is Norwegian Cruise Line.
Its cruise bookings are at record levels $3.8 billion and exceeds its pre-pandemic booking record. In addition, there's been so much demand, NCLH ticket sales are up 13% year over year.
Plus, analysts at Truist just upgraded NCLH to a buy rating with a price target of $21. The firm noted it's "time to get back onboard NCLH" and that there is still plenty of "attractive upside potential" with the stock. Deutsche Bank, JPMorgan, Wells Fargo, Stifel, Goldman Sachs, UBS and Citi raised their price targets on NCLH, too.
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