EL7.AI
StocksMediumUpdated×2•Originally published 24 June 2026•Updated 24 June 2026•
2 min read

Backblaze Stock Hits New 52-Week High as Analysts Raise Price Targets Following CoreWeave Deal

Key Facts

1Backblaze secured a five-year, $335 million data storage agreement with AI cloud provider CoreWeave.
2B. Riley significantly raised its price target for BLZE to $16 from $7, reiterating a Buy rating.
3Backblaze shares surged as much as 31%, hitting a new 52-week high of $11.85.

In a move reflecting growing confidence in AI infrastructure expansion, Backblaze shares continued their strong rally, hitting a new 52-week high of $12.58 during trading on June 24, 2026. This surge follows additional details regarding its agreement with CoreWeave, which will see Backblaze provide multi-exabyte levels of data storage to support managed infrastructure. According to reports, Lake Street analyst Eric Martinuzzi raised the price target for BLZE to $14.00, suggesting a 28.68% potential upside, joining B. Riley’s earlier bullish call for a $16.00 target.

This momentum underscores a strategic shift for cloud storage providers becoming essential partners for high-performance computing firms, as Backblaze competes with peers like Pure Storage which have also benefited from the AI boom (per prior earnings reports). Compared to industry rivals, analysts believe Backblaze’s ability to manage exabyte-scale workloads positions it in a highly competitive pricing tier. Per market data, strategic partner CoreWeave (CRWV) remains at robust levels, highlighting the financial strength of the counterparty in this $335 million deal.

Investors should monitor BLZE which stood at $10.88 (June 24, 2026) as it tests the sustainability of its recent breakout. Looking ahead to the economic calendar, market participants will focus on upcoming U.S. GDP data and Fed official speeches to gauge risk appetite in the tech sector. The company’s execution in converting these massive storage capacities into tangible operational revenue will remain the primary catalyst for reaching the newly established analyst price targets.