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Fly News Breaks for September 17, 2019
NEWR
Sep 17, 2019 | 08:33 EDT
Morgan Stanley analyst Sanjit Singh said New Relic announced the appointment of Michael Christenson to the newly created role of Chief Operating Officer and made other executive changes in order to improve its execution. Singh believes the concurrent reduction in FY20 revenue guidance reflects "prudent conservatism" and management incorporating investor feedback looking for conservatism following the Q1 billings miss, not any incremental deterioration in New Relic's demand environment. He maintains an Overweight rating on New Relic shares, but lowered his price target on the stock to $80 from $84.
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