Analyst Raises Backblaze (NASDAQ: BLZE) Price Target Amidst Major AI Storage Deal

• Analyst Eric Martinuzzi of Lake Street raised the price target for Backblaze (NASDAQ: BLZE) to $14.00, indicating a 28.68% potential upside.
• Backblaze secured a significant $335 million, five-year cloud storage agreement with AI-focused provider CoreWeave.
• The news initially boosted Backblaze's shares by as much as 31%, reflecting strong investor confidence in the company's growth prospects.

Backblaze (NASDAQ: BLZE) is a company that provides cloud storage and data backup services for businesses and individuals. On June 24, 2026, analyst Eric Martinuzzi from the firm Lake Street raised the price target for Backblaze to $14.00. With the stock's price at $10.88 at the time, this new target represents a potential upside of 28.68%.

This analyst update follows a significant development for the company. As highlighted by Invezz, Backblaze recently announced a $335 million, five-year storage agreement with the AI-focused cloud provider, CoreWeave. The news caused shares to surge by as much as 31%, showing strong investor confidence in the deal's value.

Under the agreement, Backblaze will provide CoreWeave with large, multi-exabyte levels of data storage. As noted by Business Wire, this collaboration is designed to support CoreWeave's managed storage infrastructure. It helps optimize data placement, preserving high-performance resources for demanding artificial intelligence workloads.

Following the announcement, Backblaze's stock has seen significant activity. It is currently priced at $10.67 per share, a decrease of $0.99, or 8.49%, for the day. The stock has fluctuated between a day low of $10.57 and a day high of $12.58, with a trading volume of around 3.45 million shares.

Over the past 52 weeks, the stock's price has ranged from a low of $3.26 to a high of $12.58. The company has a market capitalization of approximately $640.36 million. Market capitalization is the total market value of a company's outstanding shares, indicating its overall size.