Viking (VIK) is expected to report a slight Q1 beat compared with consensus estimates, along with the a stable forward booking-pricing curve, when the company posts its quarterly results on Thursday, Morgan Stanley said in a Tuesday research note.

Morgan Stanley said it expects Q1 gross revenue of $1.02 billion, slightly above consensus estimate of $1.01 billion, with net revenues slated to be $696 million, versus consensus of $694 million, coupled with better cost control.

Viking is expected to see some impact from increased uncertainty in Eastern European and Middle East itineraries, however, the companies' long-lead time for bookings and limited onboard contributions should mean muted impact to 2026 pricing, according to the note.

Despite underperformance in cruise stocks compared to S&P 500, Viking remains the "strongest relative performer" year-to-date, given the company caters to luxury customers relative to peers and is almost entirely booked for the year, Morgan Stanley said.

Morgan Stanley raised a price target to $81 from $79 and reiterated its overweight rating.

Price: 79.83, Change: -1.08, Percent Change: -1.33