(Updates with analyst upgrade and stock price movement in the first paragraph.)
Backblaze (BLZE) shares rose 42.6% on Tuesday after Craig Hallum upgraded the stock to buy from hold with a $16 price target following a multi-year agreement with CoreWeave (CRWV).
Backblaze said it signed a five-year, $335 million multi-exabyte data deal with CoreWeave.
The company said its HDD-based storage technology will support new storage tiers, allowing CoreWeave to allocate data more efficiently while reserving higher-performance storage for artificial intelligence workloads.
Price: 11.53, Change: +3.41, Percent Change: +42.00
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