I don't think it is reasonable to expect Cobb to reattain 2014 levels.
Nelson and Cobb received 52% of the targets that year. Adams was finding his way in his rookie year: 66 targets. Lacy, Quarless and Rodgers combined for 131 targets, about the same as Cobb's 126. Boykin, the #4 WR, had only 12 targets.
Considering Adams progression; that all the current RBs can all catch the ball with YAC potential, particularly Montgomery; an upgraded TE crew, and an upgraded #4 WR in Allison who should get some targets in 4 wide and light rotation, Rodgers has a lot more to choose from.
Much depends on run/pass balance. Rodgers threw the ball 610 times (team total of 620) last season, his high water mark, compared to 520 (team total of 536) in 2014. Also, much depends on Cobb's health and that of the other receivers.
Assuming a typical 14-15 games played average across the receiving crew, and a bit more run orientation than last year, say 570 throws, I think Cobb's upside would be comparable to his 2015 numbers: 79/829/6.
Nelson, Adams and Bennett are all good short route runners and can make the "possession" catch inside. One of those guys is in the other slot a lot of the time if we see a repeat of last year's 4-wide on roughly 40% of snaps, which I would expect.
Now, if the Packers go crazy with West Coast ball control passing, throwing 40+ times per game (see Rodgers' first possession in preseason, for example), Cobb could get enough targets to go a bit higher than the 2015 catch count. I don't expect that.
If the Packers stick with the short pass setting up the deep ball approach, the more likely approach, it's possible Cobb racks up more yards on extended plays on fewer catches.
The most notable thing about Cobb's 2014 season was the number of catches (and first downs) he put up on extended play ad libs.