By Dhirendra Tripathi — Shares of the largest cruise operators, namely Royal Caribbean (NYSE:RCL), Norwegian Cruise Line (NYSE:NCLH) and Carnival (NYSE:CCL), were up in Wednesday’s premarket trading on an upgrade by Wolfe Research.

The shares were up 0.7%-1.2%.

Wolfe analyst Greg Badishkanian sees Royal Caribbean at $94, Norwegian at $36 and Carnival shares at $32, translating into upsides of 8.1%, 16.6% and 11.8% respectively.

Badishkanian said his channel checks indicated improving booking and pricing trends out of North America over the past month, with stronger trends emerging last week.

While the U.S. cruises await resumption, the analyst believes the unknowns are "largely transitory when viewed against the broader reopening backdrop."

Cumulative 2022 bookings are now up 10% to 15% versus 2019 levels with signs of improving demand, and pricing is up in the 15% to 25% range versus 2019 before factoring in future cruise credits, the analyst wrote in his note.

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