Backblaze price target raised to $10 from $9 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Backblaze to $10 from $9 and keeps a Buy rating on the shares. The company is “getting it done” with 27% year-over-year growth, a top and bottom-line beat, and an increased FY24 guidance this quarter, the analyst tells investors. B2 products are expected to continue to grow, and the firm is encouraged by the hiring of a new CFO and CRO. Following these results, the firm expects concerns around the team not flowing through the beat last quarter and concerns around the balance sheet to fade.