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Fly News Breaks for February 7, 2019
NEWR
Feb 7, 2019 | 08:34 EDT
Wedbush analyst Steve Koenig raised his price target for New Relic to $124 from $116 after the company posted its biggest revenue beat to date, and guided FY19 revenue up by a solid $6M. While Koenig notes that some analysts expressed disappointment that Q4 deferred revenue guidance was up quarter over quarter in the low-20% range, he is "not concerned," as the guidance beats his target, and he expects some upside. The analyst does not expect further upward rerating of multiples, but healthy growth with modest deceleration provides a good opportunity for further stock appreciation. He reiterates an Outperform rating on the shares.
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