SunTrust Reiterates Buy Rating on New Relic (NEWR) Following 3Q Report
SunTrust analyst Joel Fishbein Jr. reiterated a Buy rating and $85.00 price target on New Relic (NYSE: NEWR) following the company's 3Q earnings report. The Company reported $153M of revenue for 3Q20, ahead of consensus at $149M and the high end of guidance at $150M. Non-GAAP EPS came in at $0.09 vs. estimates of $0.12.
The Company guided Q4 revenue of $154M - $156M, Non-GAAP Operating Loss of $2M - $0, and Non-GAAP EPS of $0.02 - $0.06 for the quarter.
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Shares of New Relic closed at $62.12 yesterday.