10:56 AM EDT, 08/20/2024 (MT Newswires) -- Viking Holdings ( VIK ) Q2 results will likely come in ahead of consensus estimates, while the company's updated forward booking curve is expected to be consistent with or slightly better than in Q1, Morgan Stanley said in a note Tuesday.

The company is scheduled to report its Q2 results on Thursday.

Viking will likely post Q2 gross revenues of $1.68 billion, above the consensus estimate of $1.6 billion, as Q2 "demand commentary from earnings for other operators remains healthy and our channel checks have stayed strong," according to the note.

Viking's Q2 net revenue is seen at $1.09 billion, also beating market expectations for $1.04 billion, the investment firm said, adding that adjusted EBITDA will likely be $470 million, above the consensus estimate of $456 million amid decreasing fuel prices and ship-operating expenses.

"While management does not provide specific guidance (and we don't expect that to change), we expect the company to once again disclose its booking curve where we anticipate a sustained strength in 2025," the note added.

"We see a positive setup for [Viking] heading into the print, which we believe should provide further relief to the shares and broader cruise sector," Morgan Stanley said.

The investment firm raised Viking's price target to $35 from $33, with an equal-weight rating.

Price: 35.90, Change: +0.40, Percent Change: +1.13