** 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))
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