Apple Inc. may rake in $3 billion in additional revenue over the next two years because of the runaway success of Pokémon Go, according to a new report from Needham analyst Laura Martin.

The company, which charges a fee to host apps on its App Store and pays itself a portion of the revenue spent on and within iOS apps, keeps roughly 30% of the money spent by users on Pokémon Go, she said. To give some perspective, Apple made $2 billion in the first two years of availability for another popular mobile game, Activision Blizzard Inc.’s ATVI, +1.53% Candy Crush Saga.

Apple AAPL, +0.80% might even make more money from the game than Nintendo 7974, +1.22% at the moment, Martin said. The Japanese videogame company owns just a 32% stake in the Pokémon Company, which jointly developed the game with Niantic Inc., a spinoff of Alphabet GOOGL, -1.35% GOOG, -1.82% . CLSA analyst Jay Defibaugh said last week that Nintendo may receive “little direct profit” from the game, given its minor stake. Nintendo’s stock has nevertheless doubled since the launch of the game.

See also: Nintendo’s stock tumbles on game delay and fears it is overvalued

“We think Apple’s near-term cash flow from Pokémon Go is higher than Nintendo,” Martin said.

The huge success of the game comes at a great time for Apple, which has been trying to grow its software and services business in an effort to offset decelerating hardware sales. Last quarter, revenue from software and services topped Mac sales for the first time. Earlier this year, Apple CEO Tim Cook called services a “large and important source of recurring revenues” for Apple.

In a note to clients on Wednesday, Nomura reiterated a buy rating on Apple’s stock, saying new data from its own survey results indicate “very healthy growth” in iOS downloads and revenue trends.

While iPhone numbers “look uninspired,” Nomura analyst Jeffrey Kvaal said, Nomura believes that the company’s iOS subscriber base continues to grow “at a healthy, if not robust, pace.”

Read also: How Pokémon Go could change the course of technology

Shares of Apple traded flat around $99.80 on Wednesday. They have declined by nearly 7% in the past three months and 24.5% in the past year, underperforming The Dow Jones Industrial Average DJIA, -2.59% , which is up roughly 3% in the past three and 12 months.

In April, Credit Suisse analyst Kulbinder Garcha said that investors might be underestimating the growth potential of apps and services such as Apple Pay, Apple Care, Apple Music and iCloud. Gross profit related to services has grown to around $14.5 billion from $3.2 billion in 2010, while the amount spent per user has also risen significantly, he said.

The company still faces challenges, though. Apple is expected to report its first annual decline in iPhone sales this year, according to a compilation of analyst estimates on FactSet.

See also: How to invest in the Pokémon Go and augmented-reality revolution

Separately on Wednesday, Baird analyst William Power said that despite recent reductions in estimates by analysts, he still believes the consensus estimates for Apple’s fiscal fourth quarter and fiscal 2017 are too high. He’s bullish long-term, and reiterated a buy rating on the stock.

“With more downside than upside to current estimates, we remain cautious near-term,” he said. “Longer term, we remain positive on the company’s competitive position and strong cash flow.”

The average rating on the stock is the equivalent to buy, while the median price target is $121.01, according to a survey of roughly 40 analysts on FactSet. That target implies 21% upside to recent trading prices, but it is still off from the stock’s all-time high of $133, reached last February.