William Blair analyst Jonathan Ho has maintained their bullish stance on CLBT stock, giving a Buy rating yesterday.
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Jonathan Ho has given his Buy rating due to a combination of factors including Cellebrite’s recent FedRAMP certification for its Inseyets SaaS offering, which positions the company to leverage significant opportunities with U.S. federal customers. This certification, alongside the anticipated FedRAMP authorization for other products like Guardian and Pathfinder, is expected to significantly expand Cellebrite’s addressable market within federal sectors such as the intelligence community and the Department of Defense.
Additionally, the acquisition of CyTech is projected to double Cellebrite’s Federal TAM, enabling direct service to sensitive government programs that were previously inaccessible due to international ownership constraints. The company’s projected 24% annual recurring revenue growth through 2028, along with the anticipated narrowing of the valuation gap with peers like Axon, supports the optimistic outlook. Jonathan Ho believes there is more than 20% upside potential for Cellebrite’s stock over the next year, driven by robust EBITDA growth and multiple expansions.
In another report released yesterday, J.P. Morgan also maintained a Buy rating on the stock with a $28.00 price target.