This Stock to Double And More, Says Analyst

BlackBerry's stock is going to double in the next couple of years and may even triple afterwards, according to CNBC contributor, Abigail Doolittle, Technical Strategist at The Seaport Group.

The company received an upgrade to a "buy" rating from "sell" by Societe Generale yesterday. The bank based its improved call in part because sales of the new BlackBerry 10 outperformed expectations.

So far this year, shares in the Canadian smartphone maker are up more than 22%. Doolittle believes BlackBerry's stock chart is pointing prices higher.

"I absolutely love BlackBerry," says Doolittle. "It's probably one of my favorite individual equity stock charts out there."

"It's easily a double over the next 24 to 36 months," she says. After breaking out of a falling wedge pattern that started over the last three years, Doolittle sees an inverse head and shoulders pattern emerging. And that's giving her reason to believe shares will eventually move even higher.

Doolittle, who initiated a buy recommendation for BlackBerry for The Seaport Group on April 3, has a caveat in her research. She says buying shares in the company is not for the faint of heart, and she sees it first entering a volatile trading range of $12 to $18 per share.

The stock may well reach the $30, says CNBC contributor Zachary Karabell, President of River Twice Reasearch, but he is doesn't believe the company has good prospects down the road. "I don't like investing in companies that I don't have fundamental convictions in their ability to manage over the long-term."

Which argument is correct? Watch the video above to see Doolittle's charts and hear Karabell's analysis and decide for yourself.

[Disclosure: Abigail Doolittle initiated a buy recommendation on BlackBerry on April 3 for The Seaport Group with a $30 price target.]

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