Norwegian Cruise Line falls after Jefferies cuts to 'hold' on Caribbean pivot

Shares of Norwegian Cruise Line Holdings NCLH.N down 1.3% at $20.6 premarket

Jefferies downgrades to "hold" from "buy"; cuts PT to $20 from $26

Says its sudden shift of 10% FY26 capacity from Europe to the Caribbean is likely to trigger short-term discounting to achieve desired occupancy levels

Brokerage, however, maintains its bullish view on the cruise industry heading into 2026

"... even if global travel spend were to slow, we believe that Cruise will continue to gain share of the broader vacation ecosystem" - Jefferies

Upgrades Viking Holdings VIK.N to "buy" from "hold"; raises PT to $80 from $60, representing a 16.4% upside to the stock's last close

Jefferies retains its "buy" rating on Carnival Corp CCL.N shares as it expects CCL to benefit from NCLH's Caribbean shift owing to less European competition; maintains "top pick" on the stock in leisure

16 of 25 brokerages rate NCLH "buy" or higher, and 9 "hold"; their median PT is $26.5 - data compiled by LSEG

As of last close, NCLH down 18.9% YTD