Needham lowered the firm’s price target on Backblaze (BLZE) to $6 from $8 and keeps a Buy rating on the shares. The company’s B2 Cloud growth missed guidance, but the firm expects that investors walked away with a greater appreciation for large variable usage customer Revenue contribution and the associated impact on revenue, the analyst tells investors in a research note. Needham adds that it favorably views changes to the management’s philosophy, which places the company in a stronger position to execute.
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Read More on BLZE:
- Craig-Hallum downgrades Backblaze to Hold to await better entry point
- Backblaze price target lowered to $8 from $10 at Lake Street
- Backblaze price target lowered to $7.50 from $9 at B. Riley
- Backblaze price target lowered to $8.50 from $9.50 at Oppenheimer
- Backblaze downgraded to Hold from Buy at Craig-Hallum