Shares of Cellebrite (CLBT), a digital intelligence company, plummeted 5.17% in Thursday's pre-market trading session following downward revisions of price targets by major financial institutions. The sharp decline comes amid growing concerns about the company's valuation.

Deutsche Bank adjusted its price target for Cellebrite from $27 to $24, while maintaining a Buy rating on the stock. This move was closely followed by JP Morgan, which cut its target price more aggressively from $25 to $22. These downgrades from prominent Wall Street analysts appear to have significantly impacted investor sentiment, triggering a sell-off in Cellebrite shares.

Despite the reduced price targets, it's worth noting that analysts still maintain a generally positive outlook on Cellebrite. According to FactSet, the company has an average rating of Buy, with a mean price target of $27.29. However, the market's immediate reaction to the lowered expectations suggests that investors are reassessing the company's near-term growth prospects and adjusting their positions accordingly.