Backblaze initiated with a Buy at Craig-Hallum

Craig-Hallum initiated coverage of Backblaze with a Buy rating and $8 price target. The current valuation does not reflect the likelihood Backblaze can durably grow revenues and return to cash flow generation, said the firm, which believes shares are likely to re-rate materially higher as the company outperforms on revenue this year and provides visibility into its free cash flow generation potential.