BofA analyst Andrew Didora raised the firm’s price target on Norwegian Cruise Line (NCLH) to $18 from $15 and keeps a Neutral rating on the shares. Given the move lower in rates since early November, the firm is raising its target multiples on both Norwegian and Royal Caribbean (RCL), but believes Norwegian should trade at a discount to Royal given higher leverage and a slower post-pandemic earnings recovery. Buy-rated Carnival (CCL) remains its top pick in the cruise space given cheaper valuation and delevering potential, the analyst noted.
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