UBS reiterated its Buy rating on Viking Holdings (NYSE: VIK) on Tuesday, maintaining a $121 price target despite ongoing disruptions to river cruises caused by historically low water levels in Europe. The firm’s outlook reflects a projected 32% upside to the current share price of $91.95.
Stifel and Mizuho adjusted their targets following the same operational challenges. Stifel kept its Buy rating but lowered its target to $120 from $125, while Mizuho cut its target to $82 from $75 and maintained an Underperform rating. Viking’s shares have gained 49% over the past year, supported by strong revenue growth of 20% over the last twelve months.
The company is addressing disruptions by issuing future cruise credits for affected bookings, which will apply to voyages scheduled in 2027 and 2028. Viking has not canceled any cruises, opting instead for ship swaps to mitigate the impact of low river levels. UBS estimates that if disruptions persist through the third quarter, they would account for 5% to 6% of river capacity and 2% to 3% of fleet occupancy in Q3, translating to less than 1% of total 2026 occupancy.
Analysts project a 250-basis-point reduction in third-quarter net yield if disruptions continue through the quarter, capping year-over-year growth at 3.0% compared with UBS’s prior estimate of 5.5%. For fiscal 2026, the firm expects an 80-basis-point reduction in net yield growth to 5.0% from a previous forecast of 5.8%.
Viking reported adjusted earnings per share of $1.31 in the second quarter of 2026, exceeding Wall Street’s $0.95 estimate. Revenue rose 16.5% to $2.19 billion, while adjusted EBITDA increased 18.2% to $748 million. Management noted that low water levels impacted third-quarter results but did not affect the second quarter. The company also reported that 96% of 2026 core capacity and 53% of 2027 capacity were already booked.
