Cowen Downgrades New Relic (NEWR) to Market Perform

Cowen analyst J. Derrick Wood downgraded New Relic (NYSE: NEWR) from Outperform to Market Perform with a price target of $72.00 (from $75.00).

The analyst comments "As we anniversary the onset of NEWR's execution struggles & we progress through a new fiscal year, we find NEWR having to still navigate a lot of moving parts in both product and go-to-market strategy. We think this likely continues to strain visibility and perhaps elongates the road to growth recovery. As a result, we expect shares to be range-bound."

For an analyst ratings summary and ratings history on New Relic click here. For more ratings news on New Relic click here.

Shares of New Relic closed at $68.00 yesterday.

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