Viking Holdings initiated with an Underperform at Mizuho

Mizuho initiated coverage of Viking Holdings (VIK) with an Underperform rating and $54 price target Viking has a “very high-quality business” and “unique” business model, but this largely priced into the shares, the analyst tells investors in a research note. The firm does not see catalyst path that would cause Viking shares to re-rate from here. The company faces risk from new competition, is capacity-constrained to rivers, and its valuation is “stretched” relative to peers, contends Mizuho.