Craig-Hallum lowered the firm’s price target on Backblaze to $9 from $12 and keeps a Buy rating on the shares. The firm says Backblaze brings a highly competitive product set, with over half of revenue from the B2 Cloud solution, offering cloud storage at 20%-30% of the cost of peers, without the vendor/platform lock in. While storage in general conjures concerns around sustainable differentiation, Craig-Hallum would note that the company has a demonstrated record of increasing prices since founding, while at the same time maintaining gross retention of 90% and increasing Gross Margins nicely.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BLZE:
- Backblaze plugs into Internet2 to expand service
- Backblaze Plugs Into Internet2 to Expand Service for Research and Education Institutions
- Backblaze to Present at the 19th Annual Needham Technology, Media, & Consumer Conference
- Backblaze sees FY24 revenue $126M-$128M, consensus $127.04M
- Backblaze sees Q2 revenue $30.7M-$31.1M, consensus $30.75M