Cruise line stocks surged out of port Thursday, with shares of Royal Caribbean (NYSE:RCL) rising 5.3% in 11:50 a.m. EST trading, Norwegian Cruise Line Holding (NASDAQ:NCLH) up 8.9%, and industry leader Carnival Corporation (NYSE:CCL) (NYSE:CUK) leading the pack — up 10.3%.
And yet, while all the stock price moves are positive, it would not be accurate to say that all the news is positive today.
At first glance, it appears that Wall Street is the big catalyst behind today’s move.
This morning, Bank of America raised its price targets on the two smaller players in the cruise industry — Norwegian Cruise and Royal Caribbean. The former received a hike to $25, reports StreetInsider.com today, and the latter a hike to $60. But here’s the thing: Despite raising its price target on Norwegian nearly 40% and doubling its price target on Royal Caribbean,