Lindblad Expeditions (LIND) Stock Forecast & Price Target

Lindblad Expeditions Holdings Inc is expected to see an increasing charter mix entering double-digit percentage territory in FY26, which will enhance revenue generation as the company expands this segment of its cruise business. Recent trends indicate that the company has experienced accelerated bookings, achieving the highest sales week in its history during early 3Q25, signaling strong consumer interest. Furthermore, Lindblad is capitalizing on new sales channels, including international markets and the charter business, which should significantly enhance occupancy rates and pricing for remaining inventory in the coming fiscal year.

Lindblad Expeditions Holdings Inc is projected to experience challenges in FY25 as it is characterized as a transitional year, necessitating substantial investments during the second half of 2025 to reach historical load factors by FY26. The company faces a difficult comparison in 3Q25, as it achieved an impressive 82% occupancy in 3Q24, potentially resulting in "deceleration" in performance metrics. Additionally, the current management team may lack incentives to significantly increase guidance, reflecting a cautious outlook despite recent load factor outperformance.