Jefferies downgraded Norwegian Cruise Line (NCLH) to Hold from Buy with a price target of $20, down from $26. The firm cites the company’s strategic shifts and sustained leverage for the downgrade. Slippage on expectations for Norwegian’s deleveraging along with a “rushed capacity and strategy shift” could cause significant near-term issues, the analyst tells investors in a research note. Jefferies says the company’s moving of 10% of fiscal 2026 capacity from Europe to the Caribbean on short notice is likely to interrupt normal bookings and result in yield headwinds.
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