Backblaze (BLZE) Sees Strong Growth Potential with AI-Focused Cloud Storage Solutions

Backblaze (BLZE) received an Outperform rating from Citizens JMP analyst Rustam Kanga, with a $7 price target. The surge in data, propelled by AI advancements, is increasing demand for cost-effective cloud storage solutions, positioning Backblaze favorably. The company's fiscal 2025 guidance could be met or exceeded, offering potential for growth. The average target price from 7 analysts is $11.56, indicating a 126.17% upside from the current price.

Backblaze (NASDAQ:BLZE) received a "market outperform" rating from JMP Securities, with a $7.00 price target. The surge in data, propelled by AI advancements, is increasing demand for cost-effective cloud storage solutions, positioning Backblaze favorably. The company's fiscal 2025 guidance could be met or exceeded, offering potential for growth. The average target price from 7 analysts is $11.56, indicating a 126.17% upside from the current price.

Analysts at Citizens JMP began coverage on Backblaze with a "strong-buy" rating and a $7.00 price objective. Lake Street Capital and Needham & Company LLC also initiated coverage with "buy" ratings and price targets of $11.00 and $8.00, respectively. The consensus rating among analysts is "Buy" with a consensus target price of $9.88.

Backblaze, a cloud storage platform, has seen its stock price fluctuate. On June 19, 2025, shares traded at $5.42, down from a 52-week high of $8.08. The company's market capitalization stands at $297.28 million, with a price-to-earnings (P/E) ratio of -5.37 and a beta of 1.17. Institutional investors have shown interest in Backblaze, with hedge funds and other institutional investors owning approximately 54.03% of the stock [1].

However, recent news from the Rosen Law Firm suggests potential legal issues. The firm is investigating potential securities claims against Backblaze, alleging materially misleading business information. Investors who purchased Backblaze securities may be entitled to compensation without payment of any out-of-pocket fees or costs through a contingency fee arrangement [2].

References:
[1] https://www.marketbeat.com/instant-alerts/jmp-securities-begins-coverage-on-backblaze-nasdaqblze-2025-06-24/
[2] https://www.morningstar.com/news/pr-newswire/20250624dc17876/rosen-law-firm-encourages-backblaze-inc-investors-to-inquire-about-securities-class-action-investigation-blze