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UBS Remains Sidelined on New Relic (NEWR) as Challenges Overshadow 2Q Upside

November 8, 2016 9:47 AM EST

UBS maintained a Neutral rating on New Relic (NYSE: NEWR), and cut the price target to $38.00 (from $39.00), following the company's 2Q earnings report. NEWR reported Revenues and EPS upside of $1.5M and $0.07. However, these results are most likely overshadowed by billings down q/q for the 2nd consecutive quarter and deferred revenue down q/q for the first time ever.... More