Now Might Be a Good Time to Cover Your Royal Caribbean Short Position
Shares of Royal Caribbean (NYSE: RCL) led cruise stocks higher with a 10% pop on Monday, following a well-received earnings report to kick off the new week of trading. There's still a long way to go before Royal Caribbean, Norwegian Cruise Line Holdings (NYSE: NCLH), and Carnival (NYSE: CCL) (NYSE: CUK) claw their way out of the year-to-date stock losses that investors have had to endure, but there are some promising signs that Royal Caribbean -- at least -- is starting to steer in the right direction.
Even what may seem to initially be a bit of bad news on Tuesday morning -- an analyst lowering his price target on the stock -- is actually fairly positive. Stifel Financial's Steven Wieczynski is lowering his price goal on the shares from $85 to $72, but even the new mark represents 26% of upside from Monday's close. Wieczynski remains bullish on Royal Caribbean stock, impressed by both its healthy liquidity levels and encouraging booking trends as we look out to next year.
Image source: Royal Caribbean.
Source Fool.com
