Wall Street Pros See Big Upside for Royal Caribbean

2 hours ago 2

Joel South

Tue, March 24, 2026 astatine 10:10 AM CDT 4 min read

Royal Caribbean (RCL) has booked two-thirds of 2026 capableness astatine grounds rates and guided for 2026 adjusted EPS of $17.70-$18.10, supporting Truist’s $327 terms people and reflecting a 20% adjusted EPS CAGR done 2027 nether its Perfecta Program.
Royal Caribbean’s upside to $327 depends connected nett output maturation hitting the higher extremity of its 2.1% to 4.1% guidance, arsenic deceleration from +4.7% successful Q1 2025 to +3.1% successful Q4 shows post-Covid normalization and elevated manufacture proviso constraining pricing power.
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Royal Caribbean Group (NYSE:RCL) has had a turbulent agelong heading into spring. The banal is down 12.67% implicit the past period and down 2.42% year-to-date. Still, it has gained astir 23% implicit the past year. Shares presently commercialized astir $276.41, good beneath the 52-week precocious of $366.50.

Most Wall Street analysts transportation a much optimistic view, with the Street statement people sitting astatine $363.50. But Truist expert C. Patrick Scholes conscionable raised his terms people to $327 from $318, maintaining a Hold rating. That people sits supra existent trading levels. Can RCL realistically scope $327 by extremity of 2026?

Scholes issued the updated people arsenic portion of a broader cruise assemblage enactment examining "big data" connected aboriginal bookings and pricing. Wave Season has been decent, helium noted, but geopolitical events service arsenic a reminder of assemblage hazard and valuation limits. Critically, owed to post-Covid normalization of request and elevated supply, nett output maturation is nary longer tracking materially supra institution guidance the mode it did 1 to 3 years ago. That past constituent is backed by the numbers: nett output maturation decelerated from +4.7% successful Q1 2025 to +2.8% successful Q3, earlier stabilizing astatine +3.1% successful Q4, and 2026 guidance calls for nett yields of +2.1% to +4.1% as-reported.

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Record booking momentum: Approximately two-thirds of 2026 capableness is already booked astatine grounds rates, with WAVE play producing the highest 7 booking weeks successful institution history. This visibility into guardant gross provides net predictability that supports semipermanent compounding.
Capacity and destination expansion: Capacity grows 6.7% successful 2026, 4% successful 2027, 6% successful 2028, and 7% successful 2029, portion the backstage destination portfolio expands from 3 to 8 locations by 2028. New ships and exclusive destinations rise per-passenger gross imaginable implicit time.
Perfecta Program net growth: The institution is targeting a 20% adjusted EPS CAGR done 2027 and has already surpassed its high-teens ROIC people up of schedule. With 2026 adjusted EPS guided to $17.70-$18.10, the net trajectory reflects continued maturation nether the Perfecta Program.