Backblaze (BLZE) Upgraded to Buy: Here's What You Should Know

Core Viewpoint - Backblaze, Inc. (BLZE) has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Performance - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, suggesting that rising earnings estimates can lead to increased buying pressure and higher stock prices [4][5]. - Backblaze is projected to earn -$0.43 per share for the fiscal year ending December 2024, reflecting a year-over-year change of 49.4% [8]. Zacks Rank System - The Zacks Rank system categorizes stocks based on earnings estimate revisions, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [7]. - Backblaze's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, indicating strong potential for market-beating returns in the near term [10]. Analyst Sentiment - Analysts have been consistently raising their earnings estimates for Backblaze, with the Zacks Consensus Estimate increasing by 0.3% over the past three months [8].