Craig-Hallum bullish on Cellebrite, initiates with a Buy

As previously reported, Craig-Hallum analyst Jeff Van Rhee initiated coverage of Cellebrite with a Buy rating and $11 price target. The firm notes that digital forensics is dramatically growing in importance in terms of the prosecution of crime, with digital evidence involved in 90% of cases and cell phones being the most critical. Once data is extracted and reviewed by digital forensics, there is a dire need for analytics and case management for the investigative team and per Craig-Hallum’s work, Cellebrite is proving to be in an ideal position to capture the opportunity. Beyond the existing analytics and case management cross-sell opportunity, the firm sees a broad range of M&A opportunities to incorporate other digital streams of evidence and related management.