Viking Holdings initiated with a Hold at Jefferies

Jefferies initiated coverage of Viking Holdings (VIK) with a Hold rating and $45 price target The firm is bullish on the cruise sector, citing “compelling demand” from the trade-down value-travel tailwind and constrained industry supply growth through 2030. Viking has a dual-class ownership structure, with Viking Capital Limited holding~87% of the voting shares versus 53% of the economic interest, which is an overhang on the shares, the analyst tells investors in a research note. While Jefferies views the business positively, it believes that other stocks have greater upside from here.