Craig-Hallum Rates Backblaze (BLZE) buy, $16 Price Target

Craig-Hallum Lifts Backblaze Rating

Wall Street research firms continue to adjust their outlooks for the cloud storage sector, led by a notable upgrade for Backblaze, Inc. (NasdaqGM: BLZE). On June 23, 2026, Craig-Hallum analyst Jeff Van Rhee raised his rating on the company to a buy while establishing a price target of $16. This shift put fresh focus on how current market prices line up against analyst expectations, especially as the stock trades below that target level.

Stock Price and Valuation Context

Shares of Backblaze traded at $11.97, offering a wide margin below the analyst's $16 target. Over the past year, the equity has seen considerable movement, hitting a 52-week low of $3.26 before climbing as high as $23.99. Market watchers often look at moving averages to gauge momentum, and this stock sits between its 50-day moving average of $15.01 and its 200-day moving average of $8.24. The company carries a market capitalization of roughly $841.84 million.

Analysts Set New Price Targets

Other research firms have also fine-tuned their views on the infrastructure software provider following recent reports. On June 24, 2026, Lake Street maintained its buy rating while bumping its target from $11 to $14. On that same day, B. Riley Securities kept a buy rating and raised its target from $7 to $16. Citizens also maintained a market outperform rating on July 23, 2026, lifting its target from $14 to $16. Later in the summer on August 4, 2026, Oppenheimer maintained an outperform rating while pushing its target from $15 to $25, and B. Riley Securities moved its target up further to $24. Citizens also updated its target to $21 on August 4, 2026, while Needham maintained a buy rating with a $23 target. Needham later reiterated that $23 target on September 10, 2026. Across six total analyst opinions tracked by the market, the consensus recommendation stands at a buy, with a mean price target of $22.83.

Inside Backblaze's Operations

Backblaze operates as a cloud storage platform that helps businesses and individuals store, manage, and protect digital assets. Founded in 2007 and based in San Francisco, California, the firm provides web-scale storage infrastructure built on commodity hardware. Its core offerings include B2 Cloud Storage for developers and enterprises, alongside automated computer backup solutions for consumer and corporate laptops. The company serves a diverse mix of clients, ranging from independent developers and small businesses to large creative agencies, artificial intelligence innovators, and government institutions.

What to Watch at BLZE

Investors following Backblaze will likely monitor subsequent analyst updates and the company's financial calendar. The firm is scheduled to release its next round of earnings results on November 5, 2026. These upcoming disclosures will provide further insight into revenue trends and operational growth for the cloud provider.