We raise our target by $75 to $168 due to impressive Q2 FY 22 (Mar.) results, especially revenue, +18% Y/Y, well above expectations and accelerating from 10% in Q1. We see NEWR as emerging out of the "trough" of a successful business model transformation, poised for growth reacceleration, and set to benefit more fully from its strong underlying technology and revamped platform; hence, it is in the midst of a major valuation re-rating upward. Yet, we also cannot declare "transformation victory" quite yet. Our 11.9x P/S on $962m in projected sales in '23 is the midpoint between a 1-year mean of 6.5x and a 10-peer median of 17.2x, yielding our $168 target. Revenue of $196M, +18% Y/Y, beat by $13M; EPS loss widened by $0.03 to $0.10 but beat by $0.03. Our EPS forecasts are now: $0.37 loss in '22 (+$0.06); $0.47 in '23 (+$0.07); and $1.70 in '24 (+$0.16). Due to its outstanding technology and lower valuation ($11B) vs. APM rivals DDOG ($61B) and DT ($21B), NEWR is an attractive target for M&A, in our view.