Lindblad Expeditions price target lowered to $17 from $18 at Stifel

Stifel lowered the firm’s price target on Lindblad Expeditions (LIND) to $17 from $18 and keeps a Buy rating on the shares. The firm notes that shares spiked following the company’s “impressive” Q1 earnings release, eventually settling for a more modest gain on the day. While there are puts and takes to management’s commentary and forward outlook, in Stifel’s view, there is no denying Q1 was a blowout quarter for the company as Lindblad posted quarterly EBITDA 55% ahead of consensus. The firm also notes that slowly but surely, it is getting positive indications that the Disney/NG partnership will pay significant dividends over time. The key thing for Stifel is demand remains healthy and cancellation rates remain in a normal position. To be as conservative as possible, the firm has now modeled in a moderate recession in 2026/2027.