With vaccinations providing much needed hope in the fight against the COVID-19 pandemic, travel and tourism stocks have surged. Among cruise stocks, Carnival Corporation (CCL) has gained 75% in the last six months and has out-performed industry peers like Royal Caribbean (RCL) and Norwegian Cruise Line Holdings (NCLH). However, it seems that CCL stock is now trading ahead of its fundamentals. Taking into account the possibility of an industry recovery coupled with the health of the company’s balance sheet, a correction in price seems imminent. As the company shrinks its fleet due to the pandemic, CCL’s CEO has opined that a full recovery is unlikely before 2023.