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Stifel Labels Norwegian Cruise Line Weakness a Buying Opportunity

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By Sam Boughedda

Investing.com — Norwegian Cruise Line Holdings Ltd (NYSE:NCLH) shares are down for a 7th consecutive day Tuesday, falling more than 7% heading into the close.

However, Stifel analyst Steven Wieczynski sees the current weakness in the stock as a buying opportunity, telling investors that the market is "misinterpreting" what is happening with capital market transactions that were announced by the company.

The analyst, who reiterated a buy rating and $35 price target on the shares, said that following a talk with the company about the mechanics of the transactions, it is clear they are an "absolute positive" for the company. They are not increasing their diluted share count, according to Wieczynski, and are materially cutting overall borrowing costs.

Yesterday, Norwegian announced a registered direct offering of ordinary shares to certain holders of NCL Corporations 6% exchangeable senior notes due in 2024. NCL Corporation is a subsidiary of Norwegian Cruise Line.

NCLH shares are trading around the $23.60 level in the last 30 minutes of Tuesday's session.

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