CFRA Downgrades New Relic (NEWR) to Hold
CFRA downgraded New Relic (NYSE: NEWR) from Strong Buy to Hold with a price target of $96.00 (from $168.00).
The analyst commented, "... our view of NEWR "emerging out of the 'trough' of a business model transformation" was clearly premature, with an FY 3Q21 EPS miss and puzzlingly pessimistic EPS guidance."
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Shares of New Relic closed at $109.18 yesterday.