Norwegian Cruise Line Holdings (NCLH) shares advanced Monday when JPMorgan upgraded the stock after the cruise operator's executives brushed off warnings about a drop in travel demand.

In a note to clients, JPMorgan explained that it raised its rating to  "overweight" from "neutral" after hosting CFO Mark Kempa and Head of Investor Relations Sarah Inmon at the bank's 2025 Gaming, Lodging, Restaurant & Leisure Conference in Las Vegas. 

The analysts said that the "definitive message" from the pair was that there was "zero detectable change in demand behavior to date despite 'noise' in the macro backdrop." That included "no change in booking curves to indicate irregular patterns, no cracks in onboard spend (including in high discretionary purchase categories of the Spa & Casino), and no change in cancellation rates."

JPMorgan added that Kempa and Inmon noted that while worries about tariffs have dominated the headlines recently, management hasn't seen any change in consumer spending patterns. In addition, the carrier isn't concerned about new taxes on the industry that were hinted at last month by Commer﷽ce Secretary ﷽Howard Lutnick.

The news lifted shares of Norwegian Cruise Line Holdings nearly 3% and into positive territory over the past year.