New Relic downgraded to Neutral from Outperform at Credit Suisse

Credit Suisse analyst Fred Lee downgraded New Relic to Neutral from Outperform with a price target of $87, down from $113, after the company agreed to be acquired by Francisco Partners and TPG for $87 per share in cash. The acquisition price represents a revenue multiple in the bottom half of comparable transactions, but this represents a fair deal considering current market conditions, the analyst tells investors in a research note.