New Relic price target raised to $87 from $77 at Truist

Truist analyst Joel Fishbein raised the firm’s price target on New Relic to $87 from $77 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 the deal is favorable for both sides, with New Relic shareholders receiving a decent premium to the share price on July 28th, and Francisco Partners and TPG adding high quality observability assets and a cash flow generating business to their portfolios.