1015 ET - It's not surprising that activist Elliott Management sees an opportunity for a turnaround at Norwegian Cruise Lines Holdings, Melius Research analysts Conor Cunningham and Patrick Coleman write in a note. The Wall Street Journal reported the activist is building a more than 10% stake. Norwegian's post-Covid strategy of focusing on luxury fell flat, and its stock performance has lagged competitors Royal Caribbean and Carnival, as well as newcomer Viking Cruises. But the conditions for improvement are there, they write. "The turnaround in Norwegian is much more manageable in a demand environment that remains largely supportive," they write. "To date, the story around Norwegian has been less about expanding the funnel and more about trying to just manage its share." The stock is up 6.6%. (elias.schisgall@wsj.com)

(END) Dow Jones Newswires

February 17, 2026 10:16 ET (15:16 GMT)

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