Norwegian Cruise Line price target lowered to $20 from $23 at Truist

Truist analyst C. Patrick Scholes lowered the firm’s price target on Norwegian Cruise Line to $20 from $23 and keeps a Hold rating on the shares as part of a broader research note on Cruise Lines. The firm’s positive observations of strength in bookings and pricing with very minimal last-minute discounting, elongation of the booking window, and reservation cancellations being significantly down vs. comparable 2019 figures were fairly consistent with its observations discussed in our May and July Demand & Price surveys, though Truist is also more conservative in its estimates for interest expense for Norwegian Cruise Line, the analyst tells investors in a research note.