** TD Cowen initiates coverage on major U.S. cruise operators, including Carnival Corp CCL.N, Royal Caribbean Group RCL.N and Norwegian Cruise Line NCLH.N, with "buy" rating

** Brokerage says the group emerged from COVID-19 with a strong focus on profitable growth to lower leverage and drive returns

** Tracking strength in international travel, cruises have driven consistent above-average growth rates, owing to their strong value proposition across price points - TD Cowen

** Sets PT of $405 on RCL, representing a 15% upside to stock's last close

** "Given RCL's strong product and the positive yield environment, we believe margin can rise further," brokerage says

** Sets PT for NCLH at $31 and $36 for CCL

** As of last close, RCL up 50.2% and CCL up 19.5% while NCLH down nearly 10% YTD

(Reporting by Kanchana Chakravarty in Bengaluru)

((Kanchana.Chakravarty@thomsonreuters.com))