New Relic downgraded to Hold from Buy at Truist

Truist analyst Joel Fishbein downgraded New Relic to Hold from Buy with a price target of $55, down from $80 as part of a broader research note on Infrastructure and Security Software. The company’s transition to a consumption model created a low-visibility environment whereby investors, and the company itself have had difficulty predicting the financial model, the analyst tells investors in a research note. Fishbein adds however that with shares trading at the lowest valuation in his infrastructure software coverage, New Relic is a prime buyout candidate due to their strong technology assets and established enterprise customer base.