Backblaze initiated with an Outperform at Citizens JMP

Citizens JMP analyst Rustam Kanga initiated coverage of Backblaze (BLZE) with an Outperform rating and $7 price target The firm believes artificial intelligence tailwinds are driving data proliferation beyond that of traditional cloud computing, and subsequently, the need for affordable cloud storage. Backblaze is positioned for upside given the recent opportunity for a reset of investor expectations, guidance for fiscal 2025 that should be reasonably achieved or outperformed, and an attractive valuation relative to peers, the analyst tells investors in a research note. It says Backblaze is a cloud storage provider designed as a practical alternative to traditional cloud providers at a fraction of the cost.