Southwest Airlines (LUV) - Get Southwest Airlines Co. Report shareholders should buckle up for more gains. 

Shares of the airline operator are set to skyrocket another 31%, analysts at Atlantic Equities said Thursday. The analysts raised their rating to overweight, or the equivalent of a buy, from neutral. 

Powered by tame oil prices and a rising stock market that has fueled travel demand, Southwest's stock has soared 24% this year. In addition to those factors likely continuing in 2018, Southwest's shares could be supported by corporate tax reform.

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"It [corporate tax reform] will provide companies like ours the ability to invest more in the business, add jobs and share those gains of lower taxes with shareholders, employees and customers," Southwest Airlines CEO Gary Kelly said in an interview with TheStreet.

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