Cuba Policy Change Impacts 2019 Royal Caribbean's Earnings Growth, but Brand Equity Still Strong
Narrow-moat Royal Caribbean closed another quarter with an enviable booked position, which was at record levels in both price and volume across its fleet. We think Royal’s commentary, which similarly saw U.K. uncertainty, largely parted way with narrow-moat Carnival’s experience noted in March that indicated less favorable pricing trends across the U.K., parts of Europe, and Alaska. In our opinion, this confirms the thought that while rising tides lift all ships (given the healthy U.S. consumer)...
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