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Fly News Breaks for January 14, 2020
NEWR, SPLK
Jan 14, 2020 | 08:13 EDT
SunTrust analyst Joel Fishbein keeps his Buy rating on Splunk (SPLK) and New Relic (NEWR) while raising their respective price target to $190 from $175 and to $85 from $80 as part of his broader 2020 Infrastructure Software Outlook research note. The analyst contends that both companies have recently made strategic decisions that address key issues in their business while positioning the companies for strong returns in 2020. For Splunk, Fishbein says the concerns around the company's transition to a recurring revenue model were alleviated by the company's ARR and RPO metrics as well as operating cash flow forecast of $1B for FY23. For New Relic, the analyst contends that while the company's Q2 deferred revenue and billings were softer than expected, its 112% net retention rate indicates that its new product adoption has started to take hold.
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