Backblaze (BLZE) Predicted to Deliver Strong Q4 Report and FY 2024 Guidance

By Don Francis, Editor
February 10, 2024 11:30 AM UTC
Backblaze (BLZE) Predicted to Deliver Strong Q4 Report and FY 2024 Guidance

B. Riley Securities's Zach Cummins raised their price target on Backblaze (NASDAQ: BLZE) by 22.2% from $9 to $11 on 2024/02/09. The analyst maintained their Strong Buy rating on the stock.

According to Cummins, higher pricing and favorable cloud storage trends "set the stage for a strong Q4 report and FY 2024 guidance." This optimistic outlook comes ahead of Backblaze's Q4 and FY 2023 earnings release, which is expected on February 15, 2024.

Currently, all of the top-rated analysts covering BLZE rate it as a Strong Buy or Buy. There are no analysts who consider it a Hold, and no analysts recommend selling the stock.

BLZE's stock price has experienced significant growth since its last quarterly report on September 30, 2023. It has increased by 65.6% during this period and has seen a year-over-year growth of 57.6%. This performance surpasses the broader market, with BLZE outpacing the S&P 500, which has only grown by 23.2% in the same timeframe.

Zach Cummins, the B. Riley Securities analyst, is highly regarded among Wall Street analysts. Ranked in the top 6% out of 4,470 analysts by WallStreetZen, Cummins boasts an average return of 41% and an impressive win rate of 62.9%. Their expertise spans various sectors, including Consumer Defensive and Communication Services.

Backblaze, Inc., the subject of Cummins' analysis, is a cloud storage and data backup company. As an infrastructure-as-a-service provider, it competes directly with industry giants such as Amazon S3, Microsoft Azure, and Google Cloud. Founded in 2007, Backblaze is headquartered in San Mateo, CA.

What are WallStreet's top analysts predicting for Backblaze?

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

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