New Relic price target raised to $87 from $80 at Loop Capital

Loop Capital analyst Yun Kim raised the firm’s price target on New Relic to $87 from $80 and keeps a Hold rating on the shares after the company announced an agreement to be acquired by TPG and Francisco Partners at $87 per share in cash in a $6.5B deal. The firm states that it is not expecting any competing bid to emerge.