UPDATE: Nomura Reiterates on Norwegian Cruise Line Holdings Ltd. on Updated 2014 Outlook

In a report published Wednesday, Nomura analyst Harry C. Curtis reiterated a Buy rating on

, but lowered the price target from $38.00 to $37.00. In the report, Nomura noted, “We have been restricted on publishing research on NCLH for about a month following its secondary offering, but are now updating our 2014 outlook in the wake of CCL's 1H2014 outlook. While NCLH should be mostly insulated from CCL's price cutting, we believe that lower prices at Carnival could reduce industry yield growth in 2014 by 50-100bps. CCL's return to national print and TV spots will emphasize its value pricing, which could make it difficult for NCLH to benefit from halo pricing from Getaway's debut in 1/14. We have also increased our full-year U.S. tax assumption modestly. NCLH remains our favourite in the cruise line sector due to its 200bps yield premium to the industry and our expectation for 39% EPS growth through 2015. We believe a 16.5x multiple on 2014E EPS is warranted.” Norwegian Cruise Line Holdings Ltd. closed on Tuesday at $31.99.