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BlackBerry to rally 33% on software alone: Analyst

John Chen, CEO of BlackBerry at CES 2016 in Las Vegas.
Justin Solomon | CNBC

Raymond James upgraded shares of BlackBerry, saying they could rally more than 30 percent in one year as the company transitions to software after ending its classic line of phones.

"Stop worrying about hardware; only positives from here on," wrote analyst Steven Li. "We scrubbed the numbers to look at a software-only model. We like what we see: 80 percent recurring revenues, 15 percent organic growth and 30 percent EBITDA margin."