Needham raises its New Relic target to 24% upside

|About: New Relic (NEWR)|By:, SA News Editor

Needham maintains a Buy rating on New Relic (NYSE:NEWR) and raises its price target from $121 to $129, a 24% upside to yesterday’s close.

Analyst Jack Andrews cites the strong Q1 results and raised FY19 guidance. 

Andrews continues to see New Relic as a “next generation” category leader. 

New Relic shares are up 0.1% to $103.89.  

Previously: New Relic signs definitive agreement to establish Japanese joint venture (Aug. 8)

Subscribe for full text news in your inbox