As previously reported, Morgan Stanley analyst Sanjit Singh upgraded New Relic to Overweight from Equal Weight as he sees the company delivering durable top line growth over the next several years. His confidence in the company's ability to sustain growth is due to the emerging application architecture that is becoming the standard across enterprise organizations, Singh tells investors. New Relic's strategic focus on modern application environments gives it a significant head start in the segment of the market that is poised to see the fastest workload growth over the next several years, added Singh, who raised his price target on the stock to $110 from $100.