Citi upgrades Norwegian Cruise Line to 'buy' on growth trajectory, cost focus
Updates
** Norwegian Cruise Line's NCLH.N shares rise ~8% to a 15-month high of $22.45 in early trade
** Brokerage Citi upgrades stock to "buy" from "neutral" and raises PT to $30 from $20
** Also hikes PT on peers Royal Caribbean RCL.N to $253 from $204 and for Carnival CCL.N to $28 from $25, maintains ratings
** RCL shares hit an all-time high, up ~3% to $189.60; CCL jumps ~5%, at its highest levels since Dec. 22
** Citi expects NCLH's pricing opportunities won't be offset by rising costs due to itsfocus on cost control
** NCLH and RCL to grow capacity by 6% annually over next three years - brokerage
** Brokerage expects RCL to announce long-term growth plan in next 1-2 quarters and aim for similar growth and cost-cutting efforts as NCLH
** Investors perceive CCL as slowest growing among cruise companies, but its slow revenue growth can be countered by debt and interest reduction - Citi
** As of last close stocks of CCL, NCLH, RCL and up ~2%, ~4% and ~41% YTD, respectively
Reporting by Neil J Kanatt in Bengaluru
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