Cellebrite price target raised to $23 from $20 at Craig-Hallum

Craig-Hallum analyst Jeff Van Rhee raised the firm’s price target on Cellebrite to $23 from $20 and keeps a Buy rating on the shares. Following a deep product and market study, including a ground-up mapping of all of Cellebrite’s product offerings/pricing over the past fifteen years, field checks, analysis of over 50 customer contracts the firm got its hands on, and extensive conversations with the company, Craig-Hallum comes away with increased conviction. The firm sees Cellebrite positioned for mid-20’s+ growth rates over the next three years, driven by 10 points of annual growth from Premium, five points from Inseyets, and a conservative 9+ points from the rest of the business.