Backblaze price target raised to $12 from $9 at Craig-Hallum

Craig-Hallum raised the firm’s price target on Backblaze to $12 from $9 and keeps a Buy rating on the shares. Blackblaze reported a material beat quarter that saw revenue and annual recurring revenue growth acceleration and an adjusted EBITDA positive inflection, the analyst tells investors in a research note. The firm thinks shares should re-rate materially higher due to the combination of revenue growth acceleration and now noteworthy EBITDA margins.