Craig-Hallum analyst Eric Des Lauriers assumed coverage of Lindblad Expeditions (LIND) with a Buy rating and $16 price target. Beyond being a beneficiary of long-term secular trends of increasing consumer spend on experiences, the firm sees accelerating growth and expanding margins in 2025, primarily as a result of the extended and expanded relationship with National Geographic and parent company Disney (DIS) that vastly increases the company’s customer outreach capabilities. This extended partnership is already having a material impact on occupancy rates, and management is highly confident in occupancy rates returning to pre-COVID levels of 90%-plus by 2026, Craig-Hallum says. At the same time, the company is expanding its fleet and on the Q1 call announced expansion into the highly popular European river cruise market.
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