Royal Caribbean Cruises Ltd (NYSE:RCL) shares are trading lower by 5.86% to $8.82 Wednesday afternoon. Shares of travel and cruise companies are trading lower amid economic concerns. An economic slowdown could lead to decreased consumer spending on travel.
Shares of cruise line operators were also falling sharply last week amid a series of analyst rating updates and price target adjustments.
Barclays analyst Brandt Montour last week initiated coverage on Royal Caribbean Group with an Overweight rating and announced a price target of $56.
Peer cruise line operator Carnival Corp (NYSE:CCL) shares dipped last week after Morgan Stanley maintained the stock with an Underweight rating and lowered its price target from $13 to $7... Read More
For Carnival, Morgan Stanley cited weaker occupancies and pricing, as well as elevated costs.
Royal Caribbean Group is the world's second-largest cruise company.
According to data from Benzinga Pro, Royal Caribbean Group has a 52-week high of $98.27 and a 52-week low of $32.64.
