Shares of global air-freight operator Atlas Air Worldwide Holdings are undervalued and now is a good time for investors to get on board, financial newspaper Barron's said on Sunday.

Atlas' price was recently around $42 a share, trading at eight times 2014 earnings estimates, versus its historic range of 12 to 15 times. As a result, some investors and analysts think the stock could climb nearly 50 percent to $60, the article said.

Stronger-than-expected first quarter earnings last week, along with bright earnings prospects on the back of demand for its new fleet of fuel-efficient Boeing 747-8 air freighters and a pickup in global volume, are positives for the company's stock, Barron's said.

(Reporting by John McCrank in New York; Editing by Marguerita Choy)