Manhattan Associates downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic downgraded Manhattan Associates (MANH) to Neutral from Buy with a price target of $200, down from $270. The company remains highly exposed to discretionary professional services, and three factors will sustain pressure on the services – Manhattan’s cloud product should require less support than on-premise, system integrators are more familiar with the company’s products and offer cheaper rates, and the customer base will continue to be prudent on discretionary spend given macro uncertainty, the analyst tells investors in a research note. As such, Redburn reduced estimates and downgraded the shares.