New Relic (NEWR) PT Lowered by $1 to $110 at Needham After the Analyst Day

Needham & Company analyst Jack Andrews lowered the price target on New Relic (NYSE: NEWR) to $110.00 (from $111.00) after attending the company's Investor Day on 12/12.

The analyst maintaining the Buy rating stating "Our key takeaway from the presentation is that internal execution has served as the biggest detractor to recent performance (with management acknowledging its growth has lagged its peers). Moreover, it appears NEWR has the existing pieces (i.e. product and existing customer base) to rectify growth by refining execution. Importantly, NEWR's recently appointed COO outlined how changes in its sales incentive plan (which will now reward new ARR), increasing focus on accounts > $100,000, and education of selling the platform should enable the company to achieve accelerating ARR growth in both FY21 and FY22".

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