Cellebrite DI’s Strategic Growth and Market Expansion: Analyst Recommends ‘Buy’ Following Corellium Acquisition and Inseyets Platform Adoption

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

Jonathan Ho has given his Buy rating due to a combination of factors that highlight Cellebrite DI’s strategic positioning and growth potential. The acquisition of Corellium is a significant move, as it enhances Cellebrite’s capabilities in digital forensics by allowing virtual interaction with mobile operating systems, which is crucial for law enforcement investigations. This acquisition not only expands Cellebrite’s total addressable market but also strengthens its leadership in smartphone forensics.
Furthermore, the ongoing adoption of the Inseyets platform is driving annual recurring revenue growth, with a substantial portion of the user base already migrated. Despite some near-term challenges related to funding delays, the long-term outlook remains positive, especially with the anticipated conclusion of the CEO search process. These strategic developments and the indispensable nature of mobile forensics in law enforcement underpin Ho’s optimistic outlook on Cellebrite’s future performance.

According to TipRanks, Ho is a 4-star analyst with an average return of 11.4% and a 60.75% success rate. Ho covers the Technology sector, focusing on stocks such as CyberArk Software, Cloudflare, and Cellebrite DI.

In another report released today, Lake Street also maintained a Buy rating on the stock with a $24.00 price target.