Backblaze

BLZE · NASDAQ

$9.17−$0.12 (−1.29%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $9.29

BLZE analyst rating

BuyConsensus of 8 analysts over the last 12 months. 88% rate it a buy.

Strong buy0
Buy7
Hold0
Underperform1
Sell0

12-month price target · 8 analysts

Average $23.29 (+154.0% upside)

Low: $21.21
Now: $9.17
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

BLZE analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Sep 10, 2026	Maintains	Buy	$23.00	63%
Oppenheimer	Aug 4, 2026	Maintains	Outperform	$15.00 → $25.00	67%
B. Riley Securities	Aug 4, 2026	Maintains	Buy	$16.00 → $24.00	65%
Citizens	Aug 4, 2026	Maintains	Market Outperform	$16.00 → $21.00	61%
Needham	Aug 4, 2026	Maintains	Buy	$14.00 → $23.00	63%
Citizens	Jul 23, 2026	Maintains	Market Outperform	$14.00 → $16.00	61%
Lake Street	Jun 24, 2026	Maintains	Buy	$11.00 → $14.00	48%
B. Riley Securities	Jun 24, 2026	Maintains	Buy	$7.00 → $16.00	49%
Citizens	Jun 24, 2026	Maintains	Market Outperform	$8.00 → $14.00	61%
Needham	Jun 24, 2026	Maintains	Buy	$8.50 → $14.00	63%

The case for and against

Updated Oct 14, 2026

Bull case

Backblaze is viewed favorably because its independent HDD-based capacity tier is increasingly central to AI infrastructure, where large, sticky datasets must move flexibly across compute environments and Backblaze’s no-egress-fee, low-cost model strengthens customer adoption. The thesis is reinforced by strong operating momentum, including F1Q26 B2 Cloud Storage revenue growth of 24% y/y, B2 ARR growth of 28% y/y, B2 NRR of 110%, and GRR of 91%, alongside management’s commitment to scale throughput 2x, API requests 5x, and drive capacity 20x. Confidence also rises from validating partnerships such as the $335M five-year-plus CoreWeave agreement, growing AI and neocloud traction, and a large $118B TAM by 2028 that supports a credible path to sustained growth and profitability.

Bear case

Backblaze is viewed negatively because it remains unprofitable while still needing to spend heavily on sales and marketing, datacenter infrastructure, and product innovation, which can postpone durable free-cash-flow generation and keep margins under pressure. Its competitive position is fragile against Amazon, Google, Microsoft, and other cloud providers that can lower prices, improve integrations, and squeeze customer acquisition economics, while price increases may also worsen churn and retention. The outlook is further burdened by potential capex step-ups tied to large customer ramps, execution risk, service disruption or breach exposure, and the possibility that slower cloud adoption or SMB weakness could blunt growth.

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