A report released on Tuesday by Cowen Group has reassessed its target price for BlackBerry Ltd. According to the report, the firm now believes the stock price should be $10/share – up a full dollar from their previous mark.

Cowen analyst Bryan Prohm praised BlackBerry for its recent efforts in their hardware and software divisions: “Relative to Hardware, efforts to fine-tune its portfolio during 2014 have likely made BB10 smartphones safer for more large mobile operators to support in C2015 (e.g. AT&T), w/Classic potentially providing the company with an opportunity to catalyze a meaningful upgrade cycle among 9900 Bold users and slow erosion of its installed base.”

Prohm believes hardware will be a core source of revenue for BlackBerry until at least mid-2016. His forecast includes hardware revenue exceeding 60% of BlackBerry’s total income in 2016.

It’ll be interesting to see how Prohm and other analysts fair when it comes to BlackBerry over the next couple of years.