Shares of RCL are down 23% since the peak back in January, and its forward P/E multiple has contracted by 28% from 15.2x to 10.9x mostly due to rising oil/USD and concerns about future supply growth. RCL has undeservedly been hit the hardest in the group, in our view, which we attribute to more exposure to the Caribbean. We think RCL’s valuation has created a very attractive risk/reward and we have three charts to illustrate our view.
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We’re initiating coverage of VAC with an Outperform rating and $147 YE18 target price. Shares are now down 19% from the January peak, due to a weaker tape, M&A news selling, and perhaps perception that VAC overpaid for ILG at what feels later in the cycle. We see positives from the deal, and VAC’s current valuation is attractive.