This stock could be a blockbuster

Investors tuned into Viacom on Thursday after the media giant reported better-than-expected earnings.

The parent company of MTV, Nickelodeon, VH1 and Comedy Central said it earned $1.71 per share, 3 cents higher than analyst estimates. Viacom also reported a 9 percent increase in revenue from last year, due to a boost in affiliate fees and the blockbuster success of "Teenage Mutant Ninja Turtles" and "Transformers." The stock rose 3 percent during the trading day.

But despite Viacom's recent success, the company is still underperforming the broader market and its peers on the year. Viacom shares are down 18 percent year to date, while Disney, Time Warner and Comcast are up 18, 13 and 5 percent, respectively.

(Read: "Transformers" sequel, higher affiliate drive Viacom sales)

"I think at the current levels the industry and competitive concerns are priced in," said Cowen and Co.'s head of sales trading, David Seaburg. Of those concerns that are already priced into the stock, Seaburg mentioned the cost of going from media to digital and dismal ratings.

"You are looking at a stock that is trading at a tremendous discount to its peers. They are lapping three years of no growth. And I think that with a slight shift in fundamentals here you could have the stock trade quite a bit higher."

And according to Seaburg, the shares could see another 13 percent upside. "I think the stock could go up to $80 [per share]."

But things are a little tricky when it comes to the Viacom charts, as one technician said the stock is oversold in a weak trend.

"Viacom has a falling 200-day moving average," said Oppenheimer's head of technical analysis, Ari Wald. Technicians often use moving averages to predict where the stock is headed next. "What that tells me is, if we do get a little bit of a pop here, I think it will have a lot of trouble pushing through $78 [per share]. Which is its prior breakdown point and will serve as resistance," added Wald. "If we get up to the high $70 [per share] range I'd be looking to sell."

Disclosure: Comcast is the owner of NBCUniversal, the parent company of CNBC.

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