Backblaze Shares Up 43% After $335M CoreWeave Deal Sparks Analyst Upgrades to Buy

According to Citizens and Craig Hallum, Backblaze (BLZE) stock surged on Wednesday following a $335 million multi-year storage capacity agreement with CoreWeave. On Tuesday, shares gained 43% in a single session and hit a two-year intraday high of $11.85, before closing at $11.66.

Citizens raised its price target on Backblaze to $14 from $8, citing the CoreWeave deal as significant validation of the company's AI infrastructure positioning. Craig Hallum upgraded the stock to Buy from Hold and increased its price target to $16 from $6.50, saying the contract should drive material upward revisions to 2027 estimates. William Blair also upgraded the rating to Market Perform from Underperform, calling the CoreWeave agreement 'game-changing' for the company.