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.
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