Lindblad Expeditions price target lowered to $12 from $15 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Lindblad Expeditions to $12 from $15 and keeps a Buy rating on the shares. The firm notes Lindblad reported mixed Q1 results, with better-than-expected revenue and lower-than-expected adjusted EBITDA. The company is maintaining its full-year guidance, which calls for revenue of $610-630M and adjusted EBITDA of $88M-$98M. The lower-than-expected profitability in Q1 appears to be mostly the result of the timing of expenses hitting the first quarter disproportionately hard, Craig-Hallum adds.