Cruise stocks are on the move Wednesday after Deutsche Bank analyst Chris Woronka took the industry to task in a new note. Woronka says there’s no reason to believe some of the biggest cruise stocks have bottomed out just yet. That’s not something investors want to hear, as it means the price of cruise stock shares could still slip even lower.
The Deutsche Bank analyst said the following in the note, per MarketWatch.
“Recent conversations with a wide swath of investors yields our view that there isn’t likely to be much sustainable buying pressure in the near term (short covering and market-related trading bounces notwithstanding), particularly given relative stock performance against other key subsectors and a host of known (as well as some unknown) risks over the next 6-to-12 months.”
Let’s go over exactly how Woronka’s note is affecting cruise stocks below!
Cruise Stocks on the Move Wednesday
- The analyst dropped his price target for Carnival (NYSE:CCL) stock from $24 per share to $14. CCL stock is up 1.5% as of Wednesday afternoon but started off down in morning trading.
- Woronka cut his Royal Caribbean Cruises (NYSE:RCL) price target from $76 per share to $50. RCL stock is also up slightly today after starting off down this morning.
- Norwegian Cruise Line (NYSE:NCLH) closes out the analyst’s cruise coverage with a price target decrease from $23 to $17. The stock is up 1% as of this writing despite a drop in early trading.
Investors looking for more stock market news today are in luck!
We’ve got all the hottest stock news traders need to know about for Wednesday! This includes what has shares of Altria (NYSE:MO) falling, why Mullen Automotive (NASDAQ:MULN) is moving higher and details on the Ivanhoe Electric initial public offering (IPO). You can find out more on these topics at the following links!
More Wednesday Stock Market News
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.