BNP Paribas Exane has initiated coverage of Norwegian Cruise Line Holdings with a Neutral rating and a price target of $21. The company, a major player in the cruise industry, operates under the Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises brands, carrying 1.8 million passengers in 2023. Its revenue sources include 67.3% from ticket sales and 32.7% from onboard services, with a fleet of 32 ships and a geographical revenue breakdown of 58.5% from North America, 32.2% from Europe, 6.2% from Asia/Pacific, and 3.1% from other regions.