Lowering Norwegian’s Fair Value as Near-Term Pricing Risk Offset Long-Term Demand Benefits
While the long-term prognosis for narrow-moat Norwegian remains promising, we are lowering our $61 fair value estimate by $5 in response to continued concern surrounding near-term pressures. A confluence of events outside of the company’s control, including terrorist attacks abroad, have plagued demand for Norwegian’s European itineraries. We expect the brand will continued to be disproportionately affected by both weaker demand for European deployments and pricing pressure in the key Caribbean ...
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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