Deutsche Bank initiated coverage on Norwegian Cruise Line Holdings NCLH with a Hold rating and a $34.00 price target.
Deutsche Bank noted, "While we find many aspects of the NCLH story appealing, namely the 1) outsized yield growth in the near to medium-term stemming from an aggressive capacity expansion program, 2) accelerating operating margin growth given cost savings initiatives, and 3) strong free cash flow; the strong run in shares post IPO (+63% versus S&P +2%) and current valuation leave us believing the current risk-reward is balanced. That said, we would seek to be opportunistic on pullbacks given our $34 target implies 9% upside from current levels."
Norwegian Cruise Line Holdings closed at $30.98 on Thursday.
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