June 12, 2023

Carnival, Norwegian Stocks Rise as Wall Street Warms Up to Cruise Lines

Shares of Carnival and Norwegian Cruise Line rose after two Wall Street analysts issued sunnier outlooks for the industry.

Carnival stock climbed 14% to $14.95 in morning trading, on pace for its highest close since May of 2022 and largest one-day percent increase since Nov. 9, 2020, when positive data from Pfizer’s Covid vaccine sparked a rally in travel stocks. Over the past 12 months, Carnival shares are up almost 36%.

Norwegian Cruise Line climbed 9% to $18.79 in morning trading. Over the past 12 months, the stock is up about 43%.

Royal Caribbean Group rose 3.4%, bringing its gains from the past 12 months to about 106%.

Andrew Didora, a Bank of America analyst, on Monday upgraded Carnival to buy and upped his price target on the stock to $20 a share. He left his neutral ratings on Royal Caribbean and Norwegian unchanged, but raised his price target on the stocks.

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