Shares of Norwegian Cruise Line are trading at a steep premium and investors can find higher value elsewhere, Credit Suisse said. Analyst Benjamin Chaiken double-downgraded shares of the cruise stock to underperform from outperform, saying investors should put their money in other cruise stocks. “NCLH is a top quality organization, and we’re constructive long run, nonetheless, the stock has outperformed materially YTD and on a relative basis we see risk to estimates and valuation vs peers,” Chaiken wrote in a note published Thursday. Together with an “unsustainable valuation premium” and higher upside from Norwegian’s cruise stock peers, Chaiken cited downside to 2023 estimates. He said recent cost commentary “places a big amount of ‘stress’ on the power for NCLH to drive yields with a view to hit their ’23 EBITDA guidance.” Given this backdrop, Credit Suisse prefers shares of Royal Caribbean, which generally trade at a premium to Norwegian. Chaiken trimmed the bank’s price goal on Norwegian to $14 from $20 a share, implying a 20% downside from Wednesday’s close. Norwegian shares shed 5% following the downgrade. The stock’s tumbled 15.2% because the start of 2022. — CNBC’s Michael Bloom contributed reporting.