Norwegian Cruise Line falls after Jefferies cuts to 'hold' on Caribbean pivot

Viking Holdings(Pembroke)

15/12/2025 10:43

** Shares of Norwegian Cruise Line Holdings  NCLH.N down 1.3% at $20.6 premarket

** Jefferies downgrades to "hold" from "buy"; cuts PT to $20 from $26

** Says its sudden shift of 10% FY26 capacity from Europe to the Caribbean is likely to trigger short-term discounting to achieve desired occupancy levels

** Brokerage, however, maintains its bullish view on the cruise industry heading into 2026

** "... even if global travel spend were to slow, we believe that Cruise will continue to gain share of the broader vacation ecosystem" - Jefferies

     ** Upgrades Viking Holdings VIK.N to "buy" from "hold"; raises PT to $80 from $60, representing a 16.4% upside to the stock's last close

** Jefferies retains its "buy" rating on Carnival Corp CCL.N shares as it expects CCL to benefit from NCLH's Caribbean shift owing to less European competition; maintains "top pick" on the stock in leisure

** 16 of 25 brokerages rate NCLH "buy" or higher, and 9 "hold"; their median PT is $26.5 - data compiled by LSEG

** As of last close, NCLH down 18.9% YTD

 (Reporting by Kanchana Chakravarty in Bengaluru)

 ((Kanchana.Chakravarty@thomsonreuters.com;))