Manhattan Associates price target lowered to $195 from $205 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Manhattan Associates (MANH) to $195 from $205 and keeps an Underweight rating on the shares. Checks sounded positive on cloud trends, but also highlighted how structural changes on the services front could require one more expectations reset on the medium-term trajectory of services growth, the analyst tells investors. The firm sees Manhattan as “most likely to surprise to the upside at Q3,” but adds in a preview that it likely has downside services estimate risk at Q4.