Norwegian's short-haul slot portfolio could potentially be of interest to fellow low-cost carrier EasyJet, an analyst note from HSBC suggests.
"EasyJet has a feeder relationship with Norwegian and is strategically focused on building its Gatwick operation – which logically, in our view, would make Norwegian's short-haul slot portfolio in Gatwick of interest to EasyJet," says HSBC.
However, it adds that it would be "surprised" if EasyJet showed an interest in Norwegian's broader business like airline group IAG has.
IAG recently purchased a 4.61% Norwegian stake in order to initiate discussions about a possible full takeover.
Norwegian is set to issue its first-quarter results on 26 April. HSBC says that upside risks for the airline include "a bid from IAG at higher rates than we assume or from M&A interest from other parties".
A fall in oil prices and further deleveraging of the balance sheet would also be beneficial for Norwegian, says HSBC.