Buy Rating Backed by ARR Acceleration, Conservative Margins, and 20%+ Upside from 2026 Growth Drivers

William Blair analyst Jonathan Ho has maintained their bullish stance on CLBT stock, giving a Buy rating on February 9.

Jonathan Ho has given his Buy rating due to a combination of factors, including management’s outlook for accelerating annual recurring revenue, which now points to faster growth than the most recent organic pace and incorporates contributions from the Corellium acquisition. He also views the EBITDA margin outlook as likely conservative, creating room for upside if execution remains solid and operating leverage improves.

Ho further highlights multiple growth drivers for 2026, such as deeper penetration of the Inseyets upgrade cycle, robust momentum in Guardian, and expected FedRAMP approval that would open U.S. federal opportunities for Guardian. He also cites incremental benefits from the Guardian Investigate launch and the anticipated renewal of a key U.S. federal contract, leading him to see more than 20% potential upside over the next year from profit growth and some valuation multiple expansion.

Ho covers the Technology sector, focusing on stocks such as CrowdStrike Holdings, Cloudflare, and Cellebrite DI. According to TipRanks, Ho has an average return of -1.1% and a 37.93% success rate on recommended stocks.

In another report released on February 9, Lake Street also maintained a Buy rating on the stock with a $23.00 price target.