Why Cruise Line Stocks Were Sinking This Week
One of the industries that was hit the hardest by the coronavirus pandemic was a real downer this week too. Following a dark analyst note regarding Carnival (NYSE: CCL)(NYSE: CUK) in particular, all three of the major cruise industry stocks have been hammered over the past few trading days.
S&P Global Market Intelligence data reveals that Carnival, Norwegian Cruise Line Holdings (NYSE: NCLH), and Royal Caribbean Cruises (NYSE: RCL) had all declined by double-digit percentages week to date before the opening bell Friday.
Although it wasn't the only catalyst contributing to cruise stocks' plunge, a new analysis from investment bank Morgan Stanley laid out a grim scenario for Carnival. Analyst Jamie Rollo made fairly deep cuts to his revenue forecast for the second half of this year, and to his price target on the stock.
Source Fool.com
