Core Viewpoint - Stifel analyst Steven Wieczynski maintains a Buy rating on Viking Holdings Ltd, lowering the price forecast from $52 to $50 due to concerns over early 2026 pricing trends and macroeconomic uncertainty [1]. Financial Performance - Viking reported first-quarter total revenue of $897.1 million, reflecting a 24.9% increase compared to the same period in 2024 [1]. - The company aims for mid-single-digit yield growth for 2026, although the outcome remains uncertain [2]. Booking and Demand Insights - Viking's current 2026 booking levels are approximately 37% of inventory sold, which is ahead of forecasts [3]. - The company is not heavily relying on promotions to drive demand, indicating a strong position due to a longer booking window and a large customer base [3]. - Viking's response to booking strength concerns was reassuring, clarifying that FY25 pricing appeared inflated compared to FY24 due to the absence of a lower-yielding world cruise [4]. Marketing and Growth Potential - Viking has the capacity to drive demand through marketing without significantly increasing SG&A as a percentage of revenue, thanks to its direct marketing model [5]. - The company is projected to achieve strong EBITDA growth of approximately 18% annually through 2027 [5]. Stock Performance - Viking shares are trading lower by 2.62% to $43.59 as of the latest check [5].
Viking Holdings Hit By Weak 2026 Pricing, Analyst Warns On Macro Uncertainty