After a note-worthy third quarter, BlackBerry might be cutting the price of the flagship Priv sometime in 2016.

Released in November, the retro handset with a slider QWERTY keyboard has been garnering positive reviews from across the globe. The Canadian tech giant ditched its BlackBerry 10 OS for Android Lollipop. However, for many, the BlackBerry Priv’s price tag is a matter of concern.

The Priv comes with a heavy price tag of $699 in the U.S. However, BlackBerry fans planning to purchase this handset in 2016 need not lose hope as the company is mulling the idea of reducing the price by February.

Following the third quarter result announcement, BlackBerry CEO John Chen apparently hinted the price reduction in a conference call. As a reply to a question posted by RBC Capital Markets analyst Paul Treiber about pricing and margins, Chen reportedly said, the price of the BlackBerry Priv will be reduced in the timeframe of MWC 2016 event scheduled in Barcelona. This event starts on Feb. 22 and ends on Feb. 25, Phone Arena reported.

The CEO apparently acknowledged that Android counterparts like Samsung, LG and HTC could be releasing the next-generation handsets during the event. Therefore, it goes without saying that the Priv’s configurations will fall short when compared to the new handsets strutting new processors and this is when it makes sense to trim the price tag.

Take a look at the exact words of Chen as reported by Seeking Alpha: “In about Mobile World Congress time, we will see introduction of new technology from our competitors. We have maybe a midlife kicker coming in around that time, but I expect ourselves to have to reduce our price to be competitive.”

Even though, no OEMs have confirmed that the devices earmarked to be unveiled at the MWC 2016 event, Samsung’s Galaxy S7 has been rumored to make a grand entry. The South Korean tech giant will be hosting the annual Unpacked event on Feb. 21 and this is when the S7 is expected to be announced with both Qualcomm’s Snapdragon 820 and Exynos 8890 chipsets.

Chen, however, did not talk about what to expect from BlackBerry at the MWC 2016 event. Rumor has it that a second Android device is in the offing. This unnamed handset will apparently be a mid-ranger.