Shares of Carnival (CCL) have soared by 35% year-to-date and it’s not hard to see why. A potent combination of the economy reopening, a vaccinated populace and pent-up demand for cruises, have fueled the optimistic rally. That said, Deutsche Bank analyst Chris Woronka warns that an over-exuberant outlook might come back to bite the bulls. That’s not to say Woronka has a bearish outlook. In fact, the analyst has made some readjustments to his CCL model to factor in the upbeat mood and “incorporate more bullish assumptions about the trajectory of the recovery.