Zinger Key Points
- Norwegian Cruise Line indicated that bookings had returned to a healthy level.
- No signs of softening in Europe bookings for 2026.
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A meeting with Norwegian Cruise Line Holdings Ltd's NCLH top management indicated that the market volatility experienced in March and early April had subsided and bookings had returned to a healthy level, according to JPMorgan.
The Analyst: Analyst Matthew Boss reiterated an Overweight rating and price target of $28.
The Thesis: Management indicated no signs of any softening in Europe bookings for 2026, Boss said in the note.
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He added that the load factor headwinds are likely to be isolated to the third quarter. This could translate to an occupancy rate of 104.9% for 2026. That’s above Street expectations of 103.2% and higher than the previous year's 102.5%.
The 3% base-case pricing growth and around 240 basis points of occupancy rate expansion "would support net yield growth of +5.5% Y/Y or double consensus at +2.7% yield growth for FY26," the analyst wrote.
Management indicated that demand trends remained "intact” for Luxury brands Oceania and Regent, he added.
Norwegian Cruise Line further noted that the cost-saving initiatives they had initiated had been non-consumer-facing and had not impacted customer satisfaction rates, Boss said.
Price Action: Shares of Norwegian Cruise Line Holdings had risen by 0.26% to $19.61 at the time of publication on Monday.
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