Wall Street analysts were bullish Royal Caribbean Group’s second quarter results, lifting price targets after the earnings call and noting upbeat 2027 booking commentary, even as questions were raised on the company’s stalled Perfect Day Mexico project.

Jefferies’ David Katz, who reiterated a Hold rating, wrote that “the commentary on bookings for 2027 trumped a yield reduction,” crediting onboard spending and land-based attractions. He raised his price target to $305 from $300 but cautioned that Wall Street expectations and the share price already sit ahead of guidance. The key variable is whether Royal Caribbean can carry onboard strength in 2026 into ticket pricing in 2027, he said.

Susquehanna’s Christopher Stathoulopoulos struck a more bullish tone, raising his target to $372 from $350 and maintaining a Positive rating. He pointed to constructive 2027 commentary, with bookings pacing ahead of historical levels, and flagged the launches of the Hero of the Seas and and Celebrity River Cruises as fresh 2027 revenue drivers.

William Blair’s Sharon Zackfia, who reiterated an Outperform rating, said “Perfecta Targets Remain Within Reach for 2027.” She raised her 2027 earnings per share estimate 14% to $20.37 and pointed to rising guest satisfaction, with repeat guests now about half of passengers and spending 20% to 25% more than newcomers. More than 90% of guests use the company’s app, she noted, and Royal is now roughly 53% hedged on fuel for next year.

BNP Paribas’ Xian Siew highlighted Royal Caribbean’s newly announced community center in the Mahahual region as “a concession to the government of Mexico” and a potential step toward reviving the plan. Siew, who set a target of $357, said the private destination could unlock the underpenetrated Texas market through short sailings from Galveston.