BlackBerry’s success with QNX technology could make it an attractive takeover target, according to Citron Research.

In a report titled “Could BlackBerry be the next NVIDIA?”, Citron argues that the further BlackBerry (BBRY.O) is able to distance itself from its handset-making past the more likely it is that a larger U.S. tech player might try to absorb it and its QNX technology as a key asset in the autonomous vehicle space.

“BBRY has virtually completed its transition from hardware to software, cut expenses so it no longer burns cash, secured its balance sheet with a billion dollar settlement from Qualcomm, and is run by talented CEO John Chen, whose compensation is heavily pegged to the long term outcome of the stock,” Citron wrote in the report that pins a US$20 target price on the company's Nasdaq-listed shares.

“When Wall Street shifts its frame of expectations toward the future, and gets over their legacy business, watch out.”

QNX already boasts an install base of 60 million cars according to Citron’s research and its client base is a who’s who of the auto industry, including BMW, Ford, Mercedes-Benz, Toyota and Volswagen among others.

“Google and Apple are both known to be maneuvering to build an operating system for autonomous vehicles. Tesla wants in, as does Samsung,” Citron noted . “Each of the three companies quoted below (Qualcomm, NVIDIA, and NXP Semi) has a compelling case as an acquirer of Blackberry primarily to acquire QNX.”

NVIDIA’s (NVDA.O) position as a market leader has helped its share price more than triple over the past 12 months. The company’s shares opened Thursday trading at US$144.36.