-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将目标股价下调9美元至14美元，2026年企业价值/息税折旧摊销前利润（EV/EBITDA）为8倍（维持不变），低于该股过去三年平均10倍的预期市盈率。我们将2026年每股收益（EPS）预期从2.50美元下调至1.62美元，2027年每股收益预期从2.97美元下调至2.32美元。鉴于第一季度业绩令人失望，我们将评级从“持有”下调至“强烈卖出”。目前股价接近其7.5倍至12.0倍历史市盈率区间的低端。然而，鉴于基本面恶化，我们认为目前的估值是合理的。NCLH第一季度净收益率表现不佳（-1.0%），反映出欧洲航线中断对其影响远超同行，以及市场营销和收益管理执行方面的问题。我们认为，该公司通过削减成本来应对这些不利因素的做法可能会进一步损害品牌定位和客户体验，尤其是在其加勒比海旗舰品牌挪威邮轮（NCL）方面。此外，预计2026年燃油成本将上涨10%，杠杆率已恶化至5.4倍，在当前不利的时机造成了财务压力。
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