Mizuho Downgrades Norwegian Cruise (NCLH) to Neutral, Cuts Price Target to $17

ALGN -2.15% NCLH -1.78% APH +0.36% GLW -2.94% MPWR +2.79% 8 more

1. 1Mizuho downgraded Norwegian Cruise Holdings (NCLH) from Outperform to Neutral and lowered its price target from $22 to $17.
2. 2Cites rising leverage and 18-month funding shortfall risk; expects revolver to exceed $1 billion, with leverage projected to climb from about 5.5x to above 7x by end of 2025.
3. 3Flags self-inflicted wounds from accelerated supply, Middle East tensions, and high oil prices delaying a turnaround; warns of a 6-12 month sideways move and a $1.3 billion funding gap that could prompt a capital raise.

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