Needham analyst Jack Andrews lowered his price target on New Relic to $114 after the company cut its FY20 guidance and disclosed the resignation of its CRO and CTO yesterday. The analyst notes that while the Q1 billings telegraphed the potential guidance cut, the management changes were more surprising as he did not anticipate the company to undergo structural changes. Andrews acknowledges that the transition increases New Relic's execution risk in the near term but contends that his recent discussions with other companies in the space suggest that demand remains "robust", keeping his Buy rating on the stock.