Shares of Norwegian Cruise Line are trading at a steep premium and investors can find better 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 quality organization, and we are constructive long term, however, 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. Along with an “unsustainable valuation premium” and better upside from Norwegian’s cruise stock peers, Chaiken cited downside to 2023 estimates. He said recent cost commentary “places a significant amount of ‘stress’ on the ability for NCLH to drive yields in order to hit their ’23 EBITDA guidance.” Given this backdrop, Credit Suisse prefers shares of Royal Caribbean, which typically trade at a premium to Norwegian. Chaiken trimmed the bank’s price target 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% since the start of 2022. — CNBC’s Michael Bloom contributed reporting.