NEW YORK (TheStreet) -- Shares of Royal Caribbean Cruises (RCL) closed up 6.62% at $81.84 on Wednesday as the Miami-based cruise line gained after the U.S. government said it was moving to normalize diplomatic relations with Cuba.
President Obama held a press conference today saying that he instructed Secretary of State John Kerry to immediately begin discussions to reestablish relations with the country while also announcing plans to open an embassy there.
Investors are looking forward to Royal Caribbean Cruises and other cruise lines offering Cuban destinations now that it looks like the travel restrictions to the country will be lifted soon.
In the coming weeks, travel to the country will ease in 12 existing categories, including family visits and certain export activities, according to CNBC.
Shares of Royal Caribbean traded with heavy volume today, with about 5.28 million shares changing hands by the market close, compared to the average of 3.64 million shares.
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 attractive valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."