Investor SentimentOwnership of cruise stocks continues to tilt pretty strongly in favor of shorter term holders, which suggests that any fresh concerns about how 2025 ultimately plays out for NCLH could translate into a dearth of incremental buyers.
Macro EnvironmentA bad slate of macro news, including Middle East tensions and strong oil prices, is driving the stock lower.
ValuationNCLH currently trades at a valuation that seems full compared to its peers, considering its higher net leverage and slower deleveraging.