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Investing.com - Raymond James lowered its price target on Backblaze Inc (NASDAQ:BLZE) to $10.50 from $14.00 on Thursday, while maintaining an Outperform rating following the company’s third-quarter 2025 results.
The cloud storage provider delivered mixed results for the quarter and slightly reduced its outlook for the fourth quarter of 2025, according to Raymond James. The firm noted that Backblaze ’s B2 growth outlook was trimmed to 25%-28% year-over-year, which likely contributed to the stock’s intraday sell-off.
Backblaze has introduced a "phase 2 plan" in its go-to-market strategy, aiming to become more proactive in pursuing and securing larger B2 deals. Raymond James views this as the right strategy but does not expect it to yield rapid results.
The company’s management has stated its aspiration to become a "rule of 40" company, which Raymond James believes is on a good trajectory, though it expects Backblaze to fall short of this level in 2026.
Despite maintaining an Outperform rating, Raymond James indicated that a lack of immediate catalysts prevented it from assigning a Strong Buy rating to the stock.
In other recent news, Backblaze Inc. reported its third-quarter 2025 earnings, exceeding analysts’ expectations. The company achieved an earnings per share (EPS) of $0.03, surpassing the projected loss of $0.01. Backblaze’s revenue reached $37.2 million, slightly above the anticipated $36.92 million, reflecting a 14% increase compared to the previous year. Despite these positive earnings results, the company’s stock experienced a decline in both regular and pre-market trading. The earnings call highlighted the company’s performance, indicating a solid financial standing for the quarter. Analysts were surprised by the better-than-expected EPS, which suggests strong operational efficiency. These developments are part of the recent updates concerning Backblaze.
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