Backblaze Inc (BLZE) PT Raised to $16 at Citizens on Improving B2 Cloud Storage Growth

Citizens analyst Rustam Kanga raised the price target on Backblaze Inc (NASDAQ: BLZE) to $16.00 (from $14.00) while maintaining a Market Outperform rating.

The analyst commented, "We reiterate our Market Outperform rating and raise our price target to $16 from $14 on Backblaze, Inc. (BLZE) ahead of the company’s F2Q26 earnings scheduled for August 3, as we believe the company remains on track to drive improving B2 Cloud Storage growth, while building greater strategic relevance with AI infrastructure customers. In F1Q26, Backblaze reported strong results, with B2 Cloud Storage revenue beating consensus by 4% and adjusted EBITDA $2.9M ahead of consensus. We view the company’s recent announcement of a $335M five-year plus multi-exabyte storage agreement with CoreWeave (CRWV, MO, $180 PT, Miller) as a significant validation point for Backblaze’s AI storage positioning for other neocloud providers evaluating third-party storage partners. While our estimates are unchanged ahead of results, we believe the CoreWeave agreement increases confidence in Backblaze’s AI storage relevance, improves the probability of additional large neocloud opportunities, and suggests FY27 and out-year estimates do not yet fully reflect the potential value capture from large, multi-year agreements. Overall, we see continued upside in shares, driven by improving B2 growth, expanding AI and enterprise customer traction, and a more credible path to out-year estimate upside; the stock is up ~188.0% YTD, versus the Russell 3000 up ~9.0% YTD."

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