Following an official extension of the suspension of cruise operations from U.S. ports, Norwegian Cruise Line Holdings Ltd (NYSE: NCLH) and Royal Caribbean Cruises Ltd (NYSE: RCL) have halted nearly all cruises through September against expectations of an August resumption, according to BofA Securities.The Cruise Lines Analyst BofA’s Andrew Didora updated the estimates to reflect a phased-in recovery beginning in October. The analyst also rolled forward the price targets for cruise lines to 2022 estimates. * Didora maintained a Neutral rating on Norwegian Cruise Line Holdings with a price target lifted from $12.50 to $19. * Didora reiterated an Underperform rating on Royal Caribbean Cruises and raised the price target from $23 to $40.The Cruise Lines Thesis Capacity for cruise lines is likely to remain at just 20% of fourth-quarter 2019 levels and may recover to only 75% in 2021, Didora said in a Wednesday note. (See his track record here.)The analyst lowered 2020 earnings estimates: * From a loss of $7.12 per share to a loss of $7.39 per share for Norwegian Cruise Line Holdings. * From a loss of $14.18 per share to a loss of $15.29 per share for Royal Caribbean Cruises. With the cruise industry not generating any revenue for six months this year, 2021 could be a transition year “as capacity and revenues likely ramp back up slowly throughout the year,” the analyst said. NCLH, RCL Price Action Shares of both Norwegian Cruise Line were up 0.19% at $16.45 at the time of publication, while Royal Caribbean shares were higher by 1.01% at $50.82. Related Links: Cruise Stocks Fall After Halting Trips From US PortsCarnival Is Staying Afloat Through 2020, BofA Says After Cruise Line’s Preliminary Q2 ReportLatest Ratings for NCLH DateFirmActionFromTo Jun 2020BarclaysDowngradesOverweightEqual-Weight Jun 2020RedburnDowngradesBuyNeutral Jun 2020Morgan StanleyReinstatesUnderweight View More Analyst Ratings for NCLH View the Latest Analyst RatingsSee more from Benzinga * BofA Downgrades iHeartMedia On Lower Visibility, Advertising, Event Headwinds * BofA Raises PG&E Target On Potential Debt Paydown * Cantor Raises Trulieve Cannabis Price Target On Latest Florida Numbers(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.