Analysts at Jefferies, Susquehanna and BNP Paribas said Norwegian Cruise Line Holdings’ third quarter beat and 2027 outlook showed its turnaround was gaining traction, but all three kept neutral ratings on the stock, citing leverage, fuel costs and execution risk.

Jefferies analyst David Katz reiterated a Hold rating and a $17 price target in a note titled “The First Steps in a Long Journey.”

Susquehanna analyst Christopher Stathoulopoulos kept a Neutral rating and a $16 price target.

BNP Paribas analyst Xian Siew, who rated the stock Neutral with a $15 target ahead of the call, said the results were solid and should support the stock.

Adjusted EPS of $1.12 topped the company’s guidance of $0.90 and the $0.93 consensus. Net yields declined 6.7 percent on a constant currency basis, compared with guidance of an 8.9 percent decline and consensus of 8.3 percent, BNP Paribas noted.

Susquehanna said revenue drove most of the beat, with occupancy of 106.5 percent against roughly 104 percent guided and onboard revenue up 13 percent on close-in demand.

BNP Paribas said the beat was better than expected on yields and EPS, even after a Sept. 30 pre-announcement had partly derisked the quarter.

Both Jefferies and Susquehanna trimmed 2027 earnings estimates. Jefferies cut its adjusted EPS estimate to $1.33 from $1.47, primarily on higher interest expense, while Susquehanna lowered its estimate to $1.35 from $1.40, citing lower capacity growth and higher fuel and unit costs.

BNP Paribas noted that consensus already assumed lower EPS in 2027, with interest expense expected to rise to $860 million to $880 million from $695 million in 2026.

Jefferies pointed to limited fuel hedging, at about 42 percent for 2027, as a near-term risk and expected leverage to remain above 6.0 times through the end of 2027. S

Susquehanna said marketing and revenue initiatives were on track to support yield growth into the second half of 2027, and that it was watching Black Friday and Cyber Monday promotions ahead of wave season.