The waves keep rising for Carnival (NYSE: CCL). Shares of the world's largest cruise line operator have more than doubled this year, and the Wall Street accolades keep coming. The latest vote of confidence came Tuesday as Argus analyst John Staszak upgraded Carnival stock from hold to buy.

Carnival has soared 126% in 2023, a bon voyage to anyone who bought into the cruising industry at the beginning of the year. With sailings now back at full strength, it doesn't seem as if investors were going out on a limb in predicting that business would be booming in 2023. Where do we go from here? Is it too late to buy Carnival now? Is it time to sell? Let's see what exotic ports of call the market may have in store for the shares in the coming months.

We know where Staszak at Argus stands following this week's upgrade. He continues to see more upside. With Carnival comfortable with spending more on marketing, the near-term outlook for robust bookings and growing revenue is positive. Staszak also feels that Carnival's improved liquidity will make it easier to pay down its debt, a big deal since Carnival's long-term debt has more than tripled to nearly $32 billion since the pandemic shut down operations for a long time.

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Source Fool.com