Will This Price Target Increase Help Royal Caribbean (RCL) Stock Today?

Story updated at 9:55 a.m. to reflect market activity.

NEW YORK (TheStreet) -- Jefferies raised its price target for Royal Caribbean (RCL) to $73 from $58 Wednesday, reiterating its "buy" rating.

Shares of Royal Caribbean gained 2.6% to $66.02 in morning trading.

The analyst firm also raised its EPS estimates for the cruise line through 2016. For full year 2015 Jefferies expects Royal Caribbean to report earnings of $4.56 a share, up from previous estimates of $4.39 a share for the year.

The analyst firm expects earnings of $5.64 a share for full year 2016, up from previous estimates of $5.26 a share for the year.

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Royal Caribbean is cutting costs, and its forward cruise pricing remains strong according to Jefferies analysts Ian Rennardson and Mark Irvine-Fortescue.

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Separately, TheStreet Ratings team rates ROYAL CARIBBEAN CRUISES LTD as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate ROYAL CARIBBEAN CRUISES LTD (RCL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."

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