UBS Adjusts Estimates on Norwegian Cruise Line (NCLH) Following 2Q; Reiterates Buy

August 12, 2016 9:22 AM EDT
Get Alerts NCLH Hot Sheet
Price: $35.71 -5.95%

Rating Summary:
    12 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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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."

For an analyst ratings summary and ratings history on Norwegian Cruise Line Holdings click here. For more ratings news on Norwegian Cruise Line Holdings click here.

Shares of Norwegian Cruise Line Holdings closed at $38.78 yesterday.

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