Cellebrite price target lowered to $25 from $29 at JPMorgan

JPMorgan lowered the firm’s price target on Cellebrite (CLBT) to $25 from $29 and keeps an Overweight rating on the shares. The firm cites recent peer multiple contraction for the target cut. Cellebrite has the greatest level of government and federal exposure within the sector, which continues to pressure the stock, the analyst tells investors in a research note. However, JPMorgan remains optimistic on the shares, saying industry conversations reflect strong demand from spending initiatives Cellebrite has exposure to, implying concerns are likely overdone.