With a 5-year EPS growth forecasted at 37.88%, Backblaze, Inc. (NASDAQ:BLZE) is among the 12 Best Cybersecurity Stocks to Buy and Hold for the Long Term.
On June 24, Lake Street analyst Eric Martinuzzi raised the firm’s price target on Backblaze, Inc. (NASDAQ:BLZE) to $14 from $11 while maintaining a Buy rating after the company announced a $335 million total contract value agreement with CoreWeave to provide hard-disk-drive cloud storage for AI workloads
The firm described the agreement as a significant validation of Backblaze’s AI storage strategy, highlighting the company’s competitive positioning and its ability to support large-scale AI infrastructure customers. On the same day, B. Riley raised its price target on Backblaze, Inc. (NASDAQ:BLZE) to $16 from $7 while reiterating a Buy rating on the shares.
The firm believes the multi-year cloud storage agreement with CoreWeave represents a meaningful endorsement of Backblaze’s neocloud strategy to become a leading provider of hard-disk-drive storage for AI cloud infrastructure. B. Riley estimates that the CoreWeave partnership could account for approximately one-quarter of Backblaze’s B2 business by the end of fiscal 2027, with the potential for further expansion beyond that period.