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JPMorgan analyst Joseph Greff upgraded Royal Caribbean Cruises (RCL) - Get Royal Caribbean Group Report to "overweight" from "neutral" with a price target of $130, up from $111.

Greff said the valuation for Royal Caribbean remains attractive with an improved ROIC profile and forward checks that appear strong. Recent channel checks suggest a positive outlook with operating momentum, he noted.

The company has a track record of outperforming in the third and fourth quarters relative to both the S&P 500 and its industry peers.

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Greff's $130 price target implies a 13% upside for Royal Caribbean stock, which closed up at $112.56 Wednesday. Royal Caribbean stock has traded up over 37% since the start of the year.

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