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.
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