Backblaze: JMP Securities initiates coverage, Market Outperform, PT $7.

Backblaze: JMP Securities initiates coverage, Market Outperform, PT $7.

JMP Securities has initiated coverage on Backblaze, Inc. (NASDAQ: BLZE), assigning a "Market Outperform" rating with a price target of $7.00. The research firm’s move comes after Backblaze faced allegations of misleading business information, which led to a significant stock decline in April 2024 [3].

Backblaze’s stock fell 2.1% on April 24, 2024, following a report by Investing.com that detailed alleged financial missteps and questionable practices since the company's initial public offering (IPO) in November 2021. The report highlighted questionable accounting practices, including financial manipulations and inflated forecasts to pass audit thresholds [3].

JMP Securities’ analyst, who is now covering Backblaze, has noted the company’s potential for growth and recovery. The firm's price target of $7.00 reflects a significant upside from the current trading price. This rating indicates a positive outlook on Backblaze’s prospects, considering the recent challenges it has faced.

The Rosen Law Firm, a global investor rights law firm, is currently investigating potential securities claims on behalf of Backblaze shareholders. Investors who purchased Backblaze securities may be entitled to compensation through a class action without paying any out-of-pocket fees or costs [3].

Backblaze has been facing several challenges, including allegations of financial misconduct and a subsequent stock decline. Despite these issues, JMP Securities believes that the company has the potential for recovery and growth. The "Market Outperform" rating and $7.00 price target reflect a cautious but optimistic view on the company's future.

References:
[1] https://za.investing.com/news/analyst-ratings/jmp-reiterates-prime-medicine-stock-rating-amid-gene-editing-ma-activity-93CH-3760262
[2] https://www.gurufocus.com/news/2934006/whitestone-reit-wsr-receives-reiterated-market-outperform-rating-from-jmp-securities-wsr-stock-news
[3] https://www.marketscreener.com/quote/stock/BACKBLAZE-INC-129164807/news/Rosen-Law-Firm-Encourages-Backblaze-Inc-Investors-to-Inquire-About-Securities-Class-Action-Investi-50266396/