Viad price target raised to $50 from $40 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Viad to $50 from $40 and keeps a Buy rating on the shares. With 2023 nearly over, the year is on track to be a big success for Viad Corp, which has raised its full-year guidance two quarters in a row, the firm notes. While 2023 represented a return to normal demand for most travel companies, Craig-Hallum envisions continued double-digit growth for Viad’s tourism business, Pursuit, driven by the return of group travel to the Canadian Rockies and growth of the company’s Sky Lagoon asset in Iceland. The firm believes its estimates for 2024 are conservative and thinks there could be meaningful upside if the company continues to execute well.