Cruise stocks are on the move Wednesday after Deutsche Bank analyst Chris Woronka took the industry to task in a new note.

Woronka said that there’s no reason to believe that some of the biggest cruise stocks have bottomed out just yet. That’s not something investors want to hear as it means the price of cruise shares could still slip even lower.

The Deutsche Bank analyst said the following about the cruise industry in a note obtained by MarketWatch.

“Recent conversations with a wide swath of investors yields our view that there isn’t likely to be much sustainable buying pressure in the near term (short covering and market-related trading bounces notwithstanding), particularly given relative stock performance against other key subsectors and a host of known (as well as some unknown) risks over the next 6-to-12 months.”

Let’s go over exactly what Woronka did to cruise stocks and how it’s affecting them below!

Cruise Stocks on the Move Wednesday

• The analyst dropped his price target for Carnival (NYSE:CCL) stock from $24 per share to $14 per share. CCL stock is up 1.5% as of Wednesday afternoon but started off down in morning trading.
• Royal Caribbean Cruises (NYSE:RCL) is next with Woronka cutting his price target from $76 per share to $50 per share. RCL stock is also up slightly today after starting off down this morning.
• Norwegian Cruise Line (NYSE:NCLH) closes out the Deutsche Bank analyst’s cruise stocks coverage with its price target decreased from $23 per share to $17 per share. It’s up 1% as of this writing despite a drop in morning trading.

Investors looking for more stock market news today are in luck!

We’ve got all the hottest stock news traders need to know about for Wednesday! Among that is what has shares of Altria (NYSE:MO) falling, why Mullen Automotive (NASDAQ:MULN) is moving higher, and details on the Ivanhoe Electric initial public offering (IPO). You can find out more on these topics at the following links!

More Wednesday Stock Market News

• New FDA Juul Ban Sends Altria (MO) Stock Plunging
• MULN Stock Soars as Mullen Announces New Patent Applications
• IE Stock IPO: When Does Ivanhoe Electric Go Public? What Is the IE IPO Price Range?

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.