Wedbush analyst Steve Koenig added New Relic to his firm's Best Ideas List, saying he is bullish on it based on growing enterprise penetration and a promising setup heading into FY20/March. Per his proprietary analysis, New Relic has now penetrated over 50% of the Fortune 100 and is increasing its lead in the cloud, putting it in a good position to claim overall leadership in the application performance management market as application development shifts to the cloud. The analyst expects continued upward revisions to consensus estimates throughout FY20. Koenig reiterates an Outperform rating and $124 price target on the shares.