UBS Adjusts Estimates on Norwegian Cruise Line (NCLH) Following 2Q; Reiterates Buy
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UBS maintained a Buy rating on Norwegian Cruise Line Holdings (NASDAQ: NCLH), and cut the price target to $54.00 (from $70.00), following the company's 2Q earnings report.
Analyst Robin Farley commented, "We are revising NCLH's yield outlook for the year to +1.68% vs. guidance of +1.75% down from +4.0% previously, with Q4 implied yield est. of down approx. -1%, given Q3 guidance of +2.5% yield in constant currency vs. UBSe +2.25%. Our net cruise costs ex-fuel are now up 1%, better than 2% expense growth previously. We note that NCLH's current FY yield guide implies Q4 yields to be down YOY which is surprising given NCLH itineraries shift back to Caribbean even more than RCL and CCL in Q4, with NCLH at 51% vs 22-23% in Q3, RCL at 47% vs 27% in Q3 and CCL at 29% vs. 23% in Q3. Our '16E EPS is now at $3.42, down from $3.75 prev."
Shares of Norwegian Cruise Line Holdings closed at $38.78 yesterday.
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