William Blair analyst Ryan Sundby last night upgraded Lindblad Expeditions to Outperform from Market Perform without a price target. While Lindblad had expected to return to profitability during Q3, the results clearly exceeded even management’s internal expectations, Sundby tells investors in a research note. The analyst says booking volumes for 2023 now sit 23% ahead of where they were for 2020 at this point in 2019. Looking forward, Sundby sees the potential for multiple expansion and earnings upside to deliver “outsized shareholder gains given Lindblad’s ability to capitalize on increased traction for adventure tourism as we emerge from the pandemic.” This setup, combined with the ongoing recovery in passenger visitation and profitability, merits an upgrade, writes the analyst.