Wells Fargo Lowers Norwegian Cruise Line Price Objective
The firm retained its overweight rating, while the cruise operator reported quarterly revenue growth from a year earlier.
Wells Fargo & Company reduced its price objective for Norwegian Cruise Line Holdings and maintained an overweight rating on the stock, according to the report released Monday.
Norwegian Cruise Line shares declined during Monday trading and reached $15.44. Separately, consensus data placed the stock at a hold rating, with its average target price remaining above the level reached by the shares on Monday.
The company reported quarterly revenue of $2.64 billion. That result was slightly below the $2.65 billion estimated by analysts for the quarter. Despite coming in below the analyst estimate, quarterly revenue increased 4.9% compared with the same period a year earlier.
Norwegian Cruise Line Holdings operates Norwegian Cruise Line, Oceania Cruises and Regent Seven Seas Cruises. Through these operating brands, the company provides ocean cruise experiences to destinations around the world.
