RBC Capital analyst Rishi Jaluria lowered the firm’s price target on New Relic to $55 from $62 and keeps a Sector Perform rating on the shares. The company’s Q2 results were "solid" and its FY23 guidance was "better than feared", though it still implies acceleration in Q4 which is "tough to underwrite in spite of pricing tailwinds", the analyst tells investors in a research note. New Relic profitability is encouraging, but he prefers to have more consistency before getting constructive, Jaluria adds.
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