NEW YORK (TheStreet) -- Following the announcement earlier this week of more job cuts, BlackBerry (BBRY) chief executive officer John Chen revealed that the company's turnaround plan is taking longer than expected.

Chen told Reuters on Thursday that he is pretty satisfied with the progress of the turnaround, and that he is still comfortable with a $500 million software revenue target for this fiscal year.

However, instead of the turnaround being completed within about six months, Chen said he now believes it will take 12 to 18 months for investors to feel positive effects from it.

Morningstar(MORN) - Get Report analyst Brian Colello says he sees no chance that BlackBerry will build a comparable ecosystem to Apple(AAPL) - Get ReportiOS or Google's(GOOG) - Get Report Android anytime soon or ever reemerge as a leading smartphone maker.

He said in a research note, "In our view, even after the firm's turnaround plans are finished, we don't have a high degree of confidence that BlackBerry can do much better than break even in the long term, and we don't see a compelling risk/reward profile for the company today."

He added, "We view BlackBerry as a highly risky, volatile investment over the next couple of years as the firm strives to execute on its turnaround plan and reemerge as a software provider and niche supplier of highly secure handsets used by enterprises and government clients."

In hardware, Colello said he continues to foresee significant market-share losses as consumers gravitate toward other ecosystems, and he is concerned that BlackBerry may be surpassed by rivals at some of its most important clients.

He also said he remains highly skeptical that the firm will be able to adequately monetize some of its software. Until the company's turnaround is complete, Colello said risk remains that BlackBerry will continue to rack up operating losses.