Investments

Don’t believe this bounce for cruise stocks, Bank of America says

The Norwegian Bliss cruise ship is seen docked on March 15, 2020 in New York City.

(This story is for CNBC Pro subscribers only). 

Bank of America analysts lowered the firm's price targets on Royal Caribbean and Norwegian Cruise Line Holdings on Tuesday and said they aren't buying the recent bounce in cruise stocks. 

The note from Bank of America comes after Royal Caribbean's stock soared 10% on Monday after the company touted its bookings for next year. CEO Richard Fain told CNBC's Seema Moody that, "I think we are seeing that there is a pent-up demand. People are frustrated being at home and being isolated."

Norwegian shares climbed more than 8% on Monday and have now risen in four of the past five sessions.

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