Loop Capital analyst Mark Schappel downgraded Manhattan Associates (MANH) to Hold from Buy with a price target of $170, down from $275. The firm’s field checks indicate the recent macro uncertainty is causing customers to delay planned warehouse management system on-premise migrations for the remainder of the year. Loop views this as significant, saying migrations accounted for roughly a third of Manhattan’s business in 2024. It also believes migrations were planned to factor more in the company’s 2025 growth mix than in prior years. As such, Loop sees risk to 2025 estimates.
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