Manhattan Associates price target lowered to $180 from $285 at Truist

Truist lowered the firm’s price target on Manhattan Associates (MANH) to $180 from $285 and keeps a Buy rating on the shares. The firm has assumed solid financial results in Q1, including stable services revenue dynamics, but its cuts are based on supposition of incremental impact to services revenue from global macro playing out, the analyst tells investors in a research note. Truist adds however that it still expects sustained 20%+ cloud subscription revenue growth over multi-year period owing to high degree of visibility from what are often 5-year non-cancellable contracts and large cumulative RPO – Remaining Performance Obligation – balance.