** Shares of cloud storage firm Backblaze BLZE.O rise 3.4% to $5.15

** Needham initiates coverage with "buy" rating and $8 price target

** BLZE could see "significant tailwinds from GenAI adoption as customers prefer cloudneutral, cost-efficient storage and backup solutions within their GenAI bill-of-materials," brokerage says

** As of Monday's close, stock has fallen more than 18% this year

(Reporting by Juby Babu in Mexico City)

((Juby.Babu@thomsonreuters.com;))