Backblaze price target raised to $12 from $10 at Lake Street

Lake Street raised the firm’s price target on Backblaze to $12 from $10 and keeps a Buy rating on the shares after the company issued a better-than-expected 2024 revenue and AEBITDA outlook. While aware of the size of the recent price increase, the firm had been concerned with how churn might offset some of the pricing upside, but given the “rosy guidance” and five months of observing actual customer renewal behavior, it is “clear the company has seen no increase in churn,” the analyst tells investors.