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After Raymond James and Oppenheimer gave Backblaze (NASDAQ: BLZE) a Buy rating last month, the company received another Buy, this time from JMP Securities. Analyst Erik Suppiger reiterated a Buy rating on Backblaze today and set a price target of $30.00. The company’s shares closed last Monday at $21.38.
According to TipRanks.com, Suppiger is a 5-star analyst with an average return of 25.5% and a 58.7% success rate. Suppiger covers the Technology sector, focusing on stocks such as CrowdStrike Holdings, Palo Alto Networks, and CyberArk Software.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Backblaze with a $28.25 average price target, which is a 27.1% upside from current levels. In a report issued on December 6, Raymond James also initiated coverage with a Buy rating on the stock with a $26.00 price target.
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Backblaze Inc provides cloud storage services. The company offers services such as Backblaze B2 Cloud Storage which enables customers to store data, developers to build applications, and partners to expand their use cases. It is offered as a consumption-based Infrastructure-as-a-Service (IaaS) and serves use cases including backups, multi-cloud, application development, and ransomware protection and Backblaze Computer Backup automatically backs up data from laptops and desktops for businesses and individuals. Geographically, it derives a majority of revenue from the United States.
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