Backblaze price target lowered to $10 from $11 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Backblaze to $10 from $11 and keeps an Outperform rating on the shares. Backblaze delivered a beat to Q2 estimates, with results benefiting from strong demand for the company’s B2 platform and from recent price increases, and raised its 2024 guidance, the analyst tells investors in a research note. Oppenheimer remains positive and sees several drivers that can support the recent growth momentum, including increasing adoption for AI use cases, gains upmarket, higher contribution from channel partnerships, and the uplift from Computer Backup price increases rolling through the installed base.