Add as a preferred source on GoogleJPMorgan Downgrades Norwegian Cruise Line to Underweight Before Q3 Results
The bank cut its price target to $11 from $13. Analyst Matthew Boss projected a 7.9% net-yield decline and $0.93 in third-quarter earnings per share.
JPMorgan lowered its rating on Norwegian Cruise Line Holdings Ltd. to Underweight from Neutral and cut its price target to $11 ahead of the cruise operator’s third-quarter results on Thursday, Oct. 29.
The bank reduced its target from $13 on Friday, Oct. 23. JPMorgan analyst Matthew Boss projected a 7.9% decline in net yields and earnings per share of $0.93 for the quarter, compared with a $0.90 market estimate.
Separately, Norwegian Cruise Line Holdings’ July outlook projected an 8.9% decline in constant-currency net yields and adjusted earnings per share of $0.90 for the quarter.
For the second quarter, the company reported $2.6 billion in revenue, up 4.9% from a year earlier, and $223 million in GAAP net income. Constant-currency net yield fell 2.6%. Its full-year outlook called for constant-currency net yield to decline about 5% and adjusted earnings per share of about $1.50.
Norwegian Cruise Line Holdings is scheduled to release its third-quarter results at 6:30 a.m. ET on Oct. 29 and hold a conference call at 8:30 a.m. ET.