Backblaze price target lowered to $11 from $12 at Lake Street

Lake Street analyst Eric Martinuzzi lowered the firm’s price target on Backblaze (BLZE) to $11 from $12 and keeps a Buy rating on the shares. The company reported “a solid Q4” in line with its previous guidance for revenue and AEBITDA, but 2025 guidance was “mixed,” the analyst tells investors. The recent secondary offering bolstered Backblaze’s balance sheet with $37M in net proceeds, but it added 7.2M shares to the share count, notes the analyst, whose lower price target accounts for the dilution.