BNP Paribas Senior Analyst Xian Siew lifted his price target on Viking Holdings (NYSE: VIK) to $91 from $88 following the company’s fourth-quarter 2025 earnings, maintaining a positive rating as accelerating pricing trends.

Siew noted the outperformance was particularly notable given Viking does not provide formal guidance and had already disclosed that most of its 2026 capacity was already booked.

“We continue to view VIK as a best-in-class operator in the cruise/travel experience space,” Siew wrote, citing sustained strong demand from Viking’s target demographic of older, high-income travelers.

He said that advanced booking pricing growth ticked up to plus 6.0% from plus 5.5% as of the prior earnings call, a data point he described as giving him “increased confidence that Viking can deliver mid-single-digit-plus pricing growth sustainably over the medium term.”

He characterized the potential headwind from a pause in Egypt operations as “manageable, for now.”

Egypt accounts for roughly 3% of total capacity but approximately 6% of river capacity and carries meaningfully higher net yields

On capital allocation, Siew noted that questions around buybacks and dividends are increasing given Viking’s strong cash flow and low leverage. Management pushed back on returning capital in the near term, describing such moves as potentially premature, while leaving open the possibility of mergers and acquisitions.