Cruise stocks are on the rise Monday as investors react to a positive note to clients from JPMorgan analysts.
That note has to do with Carnival (NYSE:CCL) and its progress bouncing back from the Covid-19 lockdowns that left many cruise companies suffering. JPMorgan highlighted increasing demand from consumers as one of the reasons CCL stock might be worth picking up.
Specifically, JPM’s note to clients upgrades shares of CCL stock to an “overweight” rating from a “neutral” rating. Additionally, this also came with an increased price target of $16, as compared to the previous $11 per share. That represents a potential 22% upside for the stock as of Friday’s close.
JPMorgan analyst Matthew Boss said the following about CCL in a note to clients obtained by CNBC:
“CCL has an opportunity to drive improved brand clarity and pricing power with increased investment in advertising (vs. historical underinvestment vs. peers) and given a smaller capacity growth profile, this provides a faster pathway for management to focus on de-levering the balance sheet.”
With this news, several cruise stocks are rising in sympathy with CCL. Let’s get into those below!
Cruise Stocks Up Today
- CCL stock starts us off with the company’s shares gaining 13% as of Monday morning.
- Royal Caribbean Cruises (NYSE:RCL) shares are next on our list with a more than 2% increase this morning.
- Norwegian Cruise Line (NYSE:NCLH) stock finishes off our list with an over 7.8% rally on Monday!
It’s not just cruise stocks that are moving today as we cover more of the latest stock market news.
We have all of the biggest stock market stories that traders need to know about on Monday! That includes what’s happening with shares of Biogen (NASDAQ:BIIB), Intellia (NASDAQ:NTLA) and Nasdaq (NASDAQ:NDAQ) stock today. All of that news is ready to go below!
More Monday Stock Market News
- BIIB Stock Alert: Biogen Resumes Trading With New FDA Backing
- Why Is Intellia (NTLA) Stock Up 5% Today?
- NDAQ Stock: What to Know About Nasdaq’s $10.5 Billion Adenza Buy
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.
