Story updated at 9:55 a.m. to reflect market activity.
Shares of Royal Caribbean Cruises were gaining 5.1% to $76 in morning trading.
The analyst firm said the new price target "represents a 15 forward PE on our 2016E EPS of $6.26," for the cruise line. "This change now brings our valuation methodology in line with that of Carnival Corp. (CCL) and Norwegian (NCLH) ," analyst Felicia R. Hendrix wrote.
Hendrix said the higher price target is consistent with Barclays' previous "upside scenario" for Royal Caribbean stock, adding that the firm's new "upside case" is $103 "and is based on an incremental 1 point of yield growth in 2015 and 2016 and a 15 forward P/E multiple."
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Separately, TheStreet Ratings team rates ROYAL CARIBBEAN CRUISES LTD as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate ROYAL CARIBBEAN CRUISES LTD (RCL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, impressive record of earnings per share growth, compelling growth in net income and attractive valuation levels. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."