Deutsche Bank analyst Gray Powell lowered his price target for New Relic to $65 from $90 after the company announced executive departures and a reduction in its fiscal year 2020 revenue outlook. The analyst acknowledges that the headline was disappointing and thinks there will continue to be investor concerns on the competitive environment in the APM space. With that said, Powell believes that many were already expecting some cut to New Relic's outlook given the issues highlighted on the company's Q1 call. In addition, he does not believe that fundamentals have further deteriorated in the last six weeks. Powell sees an attractive risk-reward and reiterates a Buy rating on shares.