Cellebrite price target raised to $28 from $21 at Needham

Needham raised the firm’s price target on Cellebrite (CLBT) to $28 from $21 and keeps a Buy rating on the shares. The firm remains positive on the company driving durable low to mid 20% ARR – annual recurring revenue growth, particularly as the Inseyets upgrade cycle becomes more apparent, the analyst tells investors in a research note. Needham adds that Cellebrite’s strong growth attributes are complemented by expanding EBITDA margins, with management guiding to 24%-25% in 2024, also noting that the investment in US Federal is still an under-appreciated aspect of the Cellebrite story.