Analyst Note
| Jaime M. Katz, CFA |We believe now is an opportune time for investors to review opportunities within travel, given industry demand and share prices have been disproportionately impacted by the global spread of COVID-19, which we see as largely transitory. In fact, as of the week ending June 19, shares of our cruise line, hotel, online travel, global distribution system (GDS), and gaming coverage are down 38% on average year to date versus a 3.3% drop for the Morningstar Total U.S. Market Index. This has left investors questioning when demand may return for travel operators, and importantly, which firms have the financial health to weather the storm.