A trio of cruise-line operators jumped on Monday as analysts at Bank of America Corp. and JPMorgan Chase & Co. signaled increasing confidence in demand despite consumer uncertainty.

Carnival Corp. surged as much as 15%, the biggest intraday advance since November 2020, after BofA analyst Andrew Didora and JPMorgan’s Matthew Boss both upgraded the stock to buy-equivalent ratings. Norwegian Cruise Line Holdings Ltd. rose as much as 9.6% while Royal Caribbean Cruises Ltd. gained 3.7% as the two brokerages also increased their 12-month price targets for the stocks.

Cruise-line operators are experiencing a rebound in interest after the Covid-19 pandemic and ensuing restrictions kept fleets anchored. Both analysts highlighted a continued uptick in demand even with consumers mindful of their discretionary spending as concern builds that a recession may lie ahead.

“The cruise industry’s long booking window and strong current demand could allow it to be less susceptible to a slowdown in the leisure consumer relative to other areas of travel,” BofA’s Didora wrote in a note to clients after meetings with the three management teams.

Boss at JPMorgan echoed Didora’s optimism following meetings with management. The three operators were positive on current trends and indicated “zero signs of momentum slowing,” with increasing interest from new cruise passengers suggesting sustainable demand, Boss said.

Cruise stocks have outperformed the S&P 500 Index so far this year, as the companies delivered stronger-than-expected updates in recent quarters. Still, Carnival, Norwegian Cruise and Royal Caribbean shares remain well below their pre-pandemic peaks. Carnival’s earnings report later this month is poised to serve as the next catalyst for the stocks.

BofA’s Didora has neutral ratings on both Norwegian Cruise and Royal Caribbean. Boss at JPMorgan rates Norwegian Cruise neutral and Royal Caribbean overweight.