The analyst believes the company's adjusted EBITDA will take "some time" to return to the pre-pandemic level.

The analyst raised the H2 FY23 adjusted EPS estimate by $0.10 to $0.75 on a slightly better outlook for margins.

The analyst prefers moving to the sidelines, as a formal long-term guide is likely several months away and reflecting solid peer performance.

For FY24, Stathoulopoulos lowered the adjusted EBITDA estimate by ~1% to ~$2.1 billion (~8% below consensus) and adjusted EPS estimate by ~8% to $1.05 (~35% below consensus) on a modestly weaker margin and a higher share count. 

Apart from this, Barclays lowered the price target to $21 from $22, maintaining an Equal-Weight rating. 

Price Action: NCLH shares are trading lower by 3.58% at $18.72 on the last check Wednesday.