Morgan Stanley analyst Sanjit Singh raised the firm’s price target on New Relic to $80 from $67 and keeps an Equal Weight rating on the shares, arguing that the company’s Q3 results "highlighted a more effective and efficient New Relic." Growth accelerated to 18%, while expenses grew just 3%, said the firm, adding that Observability is "looking more durable" and margins are set to improve.
Published first on TheFly
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