Viking Holdings (VIK) PT Raised to $69 at Mizuho

Mizuho analyst Ben Chaiken raised the price target on Viking Holdings (NYSE: VIK) to $69.00 (from $59.00) while maintaining a Underperform rating.

The analyst commented: "Overall, 4Q25 better than expected compared to our model, on stronger occupancy than we estimated (although in line with previous occ%/booking commentary) and in-line yields vs our model (with River worse while Ocean better). Notably, capacity for FY26 is now expected to be 7% (vs 9% previously); however, disruption is expected to be temporary.

River advanced bookings per PCD up 7.7% for FY26 (vs 7.9% previously). However, with 85% sold, that implies the sequential pricing between quarters decelerated to ~7% vs the implied 13% previously. Quarter-to-quarter variability is fine, but we believe that is one reason the stock was so strong to close the year (strong implied price following 3Q), and this could likely weigh on forward River estimates to the extent they extrapolated the previous trend.

However, we believe implied Ocean price improved, from around 8.5% following 3Q to ~13% now, which bodes well for forward Ocean estimates."

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