Backblaze initiated with a Buy at Needham

Needham initiated coverage of Backblaze (BLZE) with a Buy rating and $8 price target Backblaze is a cloud storage and computer backup provider with “strong traction” among consumers and developers, the analyst tells investors in a research note. The firm believes the company’s recent changes should bring improved productivity and win-rates exiting 2024. Early signs of success should positioned Backblaze B2 for reaccelerating 30%-plus growth exiting 2025, contends Needham.