Manhattan Associates initiated with an Underweight at Morgan Stanley

Morgan Stanley initiated coverage of Manhattan Associates (MANH) with an Underweight rating and $190 price target Manhattan Associates is well-positioned with its best-in-class cloud solutions to capture market share in its $12B total addressable market, but a recent slowdown in cloud bookings and exposure to discretionary services work present downside risk to estimates, which is not priced in, the analyst tells investors in a research note. The firm would look to valuation pullbacks to get more constructive on shares.