Wall Street analysts continued to be bullish on Viking following the company’s second quarter earnings call, despite water level issues for its European itineraries.

Jefferies analyst David Katz reiterated a Buy rating while cutting his price target to $112 from $115.

Susquehanna’s Christopher Stathoulopoulos maintained a Positive rating and a $105 target, with a downside case of $85. Shares were at $90.77 at the time of both notes.

Viking reported second quarter adjusted earnings of $1.31 per share, up 33 percent year-over-year and ahead of a $1.24 consensus, Stathoulopoulos noted. He attributed the beat largely to stronger operating performance, particularly on the ocean side, where passenger volumes were up 22 percent and revenue per capacity passenger cruise day climbed 10 percent, alongside lower commissions, transportation costs and SG&A.

Net yields rose about 6 percent year-over-year on what Stathoulopoulos described as strong demand and a favorable itinerary mix across both river and ocean. T

The low water that emerged in mid-July on stretches of the Rhine and Danube did not touch second-quarter results, but both analysts pointed to the knock-on effects.

Katz put the third quarter revenue hit at an estimated $60 million and pegged the future-travel vouchers being issued to affected guests at roughly $200 million across 2027 and 2028, but it was a figure he cautioned could vary widely.

Katz lowered his fiscal 2026 revenue and adjusted EBITDA estimates to $7.34 billion and $2.07 billion, from $7.42 billion and $2.13 billion, reflecting third-quarter softness on river occupancy.

Stathoulopoulos cut his second-half adjusted EPS estimate about 7 percent to $2.00, with the third quarter at $1.30, and took second-half adjusted EBITDA down roughly 6 percent to $1.24 billion. His 2027 adjusted EPS estimate moved to $4.10 from $4.15 and adjusted EBITDA to $2.565 billion from $2.66 billion.