Cellebrite price target raised to $23 from $20 at JPMorgan

JPMorgan analyst Brian Essex raised the firm’s price target on Cellebrite to $23 from $20 and keeps an Overweight rating on the shares. The firm updated security software models post the earnings reports. The results reflect a stable to improving macro environment for security software, the analyst tells investors in a research note. The firm says companies exposed to large enterprise budgets and high priority spending categories are better positioned. It added Varonis Systems (VRNS) to JPMorgan Analyst Focus List and reiterated Cellebrite (CLBT) as a focus list pick.