Cellebrite initiated with a Buy at Lake Street

Lake Street initiated coverage of Cellebrite with a Buy rating and $13 price target. Cellebrite has “long been recognized as the go-to provider” of software that enables law enforcement agencies to unlock and download data from smartphones and computers, but in January of this year it announced a more comprehensive offering called Case-to-Closure, or C2C, the analyst tells investors. The firm believes investors are underappreciating the growth potential of the recently launched C2C cross-sell opportunity and a supportive industry trend of ever-rising digital case numbers, the analyst added.