JPMorgan upgraded Norwegian Cruise Line (NCLH) to Overweight from Neutral with an unchanged price target of $30 after meeting with the company. The clear message from management was zero detectable change in demand behavior despite “noise” in the macro backdrop, the analyst tells investors in a research note. The firm now sees a favorable risk/reward setup. Norwegian has favorable demographics, as each of its brand targets the high-end consumer, and management “prudently embedding” a 170 basis point spread in 2025 between net yields and net cruise costs, the analyst tells investors in a research note.
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