JPMorgan downgraded Norwegian Cruise Line (NCLH) to Neutral from Overweight with a price target of $20, down from $28, after the company announced that Harry Sommer, its CEO and director, departed and resigned from the board on February 12 as part of a strategic leadership change. The firm is “excited” for John Chidsey to assume the role of CEO and is confident he can enhance Norwegian’s execution, strengthen its financial performance, and reduce leverage. JPMorgan is stepping to the sidelines amid the transition.
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