Cellebrite price target raised to $13 from $12 at BofA

BofA analyst Tal Liani raised the firm’s price target on Cellebrite to $13 from $12 and keeps a Buy rating on the shares. Cellebrite provided long-term growth targets at its Investor Day event, including improved business momentum in 2024 and beyond, driven by healthy market demand, growth acceleration of new product initiatives, and the transition over the last few years from a best-of-breed point solution vendor for mobile extraction capabilities to an end-to-end platform, the analyst tells investors in a research note. The firm remains positive on the opportunity for durable growth ahead.