Manhattan Associates: Robust Subscription Growth, Conservative 2026 Outlook, and AI Upside Support Continued Buy Rating

William Blair analyst Dylan Becker has maintained their bullish stance on MANH stock, giving a Buy rating today.

Dylan Becker has given his Buy rating due to a combination of factors reflecting Manhattan Associates’ strong operating performance and attractive long-term profile. He highlights the company’s robust finish to fiscal 2025, with solid subscription revenue expansion, healthy non-GAAP profitability, and a notable increase in remaining performance obligations that points to durable subscription demand. Becker also emphasizes that growth is being driven by a well-balanced mix of new customers, migrations, and existing client expansions across multiple industries, underscoring both execution quality and a constructive macro environment.

Dylan Becker’s rating is based on the view that Manhattan’s outlook for 2026 is characteristically conservative yet still aligns closely with market expectations, with bookings anticipated to maintain a high-teens growth pace in constant currency. He further underscores the strategic potential of the newly launched embedded AI agents and the Agent Foundry within the Active platform, which are not incorporated into current guidance and therefore represent potential upside to future estimates. Taken together, he sees Manhattan’s cloud transition as increasingly validating its value proposition, combining sustained subscription growth with strong margins, which in his view warrants maintaining a Buy recommendation.

In another report released today, Stifel Nicolaus also maintained a Buy rating on the stock with a $225.00 price target.

Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MANH in relation to earlier this year.