Shares of Carnival Corp (CCL  ) were climbing in early Monday trading after the company reported upbeat fiscal first-quarter results.

The quarterly results reflected the company's resilience, as it delivered a wide EBITDA beat despite "several weeks of macro uncertainty and choppy travel datapoints," according to Goldman Sachs.

The Carnival Analyst: Analyst Lizzie Dove maintained a Buy rating, while reducing the price target from $35 to $32.

The Carnival Thesis: Despite macro concerns, Dove said in the note that the company kept its net yield outlook for the second and third quarters unchanged.

Carnival did raise the fiscal 2025 net yield guidance to reflect the first-quarter beat, which suggests that "the company feels confident in its booking trajectory and pricing power even despite some choppier trends," she added.

"CCL noted that there has been no deceleration in onboard trends, bookings are still higher y/y (even in luxury) and management is seeing particular strength in Europe," the analyst wrote.

She highlighted two tailwinds that are "underappreciated by investors."

• Several Carnival brands that have turned around over the past few years are seeing "continued positive momentum."
• The current macro challenges are primarily US-based, while Carnival has many European passengers traveling within Europe.