Backblaze price target raised to $11 from $10 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Backblaze (BLZE) to $11 from $10 and keeps a Buy rating on the shares following many conversations with current and prospective Backblaze holders. The firm sees the 16-times EBITDA/1.9-times revenue multiple a significant disconnect from the quality/differentiation it found and the 27% MRQ revenue growth and path to free cash flow B/E by mid-2025.