Backblaze price target raised to $11 from $7.50 at Oppenheimer

Oppenheimer raised the firm’s price target on Backblaze to $11 from $7.50 and keeps an Outperform rating on the shares. Backblaze delivered a solid Q4, beating estimates and guiding above the Street estimate on Q1 and FY24 revenue guidance, with results benefiting from strong demand for the company’s platform and from recent price increases, the analyst tells investors in a research note.