Viking Holdings initiated with a Buy at Citi

Citi initiated coverage of Viking Holdings (VIK) with a Buy rating and $54 price target Viking carries many of the same positive investment characteristics as its public cruise peers, while featuring some “uniquely-compelling opportunities” that come with being the premier riverboat cruise operator while simultaneously in the early stages of an ocean cruise expansion strategy, the analyst tells investors in a research note. The firm says that as a result, the company has the best growth profile of the cruise companies. While this is accompanied by a relative valuation premium, the group as a whole is undervalued, and Viking deserves a comparable multiple to Royal Caribbean (RCL), Citi contends.