Needham & Company Starts New Relic (NEWR) at Buy

Needham & Company initiates coverage on New Relic (NYSE: NEWR) with a Buy rating and a price target of $69.00.

Analyst Jack Andrews said "analogous to the adoption curve from pioneering companies who embraced the cloud computing model, the adoption of NEWR's products by forward thinking companies today may unfold in a similar manner over time."

He said the company is effectively expanding the addressable market well beyond legacy solutions by embracing both mobile apps and smaller businesses.

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 $52.06 yesterday.

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