New Relic (NEWR) PT Raised to $82 at Needham & Company

Needham & Company analyst Jack Andrews raised the price target on New Relic (NYSE: NEWR) to $82.00 (from $72.00) while maintaining a Buy rating.

The analyst commented, "This morning before the market open, NEWR announced that its CPO Bill Staples was promoted to President and its COO Michael Christenson will step down, but maintain his role on the Board. Mr. Staples is the chief architect of the New Relic One platform and streamlined pricing/packaging model, which aims to reduce the frictions for expanding observability within enterprise accounts. Importantly, we believe the promotion of Mr. Staples may be an early signal of further traction for NEWR's pricing changes, which management previously indicated as catalyzing a ~15% increase in committed spend for the majority of customers renewing under this model. NEWR also announced that it expects 3QFY21 revenue/ARR to exceed the high end of its prior guidance. We reiterate our BUY rating and raise our PT to $82."

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