Manhattan Associates price target lowered to $200 from $268 at Piper Sandler

Piper Sandler lowered the firm’s price target on Manhattan Associates (MANH) to $200 from $268 and keeps an Overweight rating on the shares. With shares down nearly 40% year-to-date, investors are increasingly coming back to the name. While the updated 2025 guide does appear to embed more conservatism vs. prior uncertain timeframes, the ongoing downward revisions in retail, rollover in macro metrics and depressed hiring indicates risk of ongoing Services volatility, Piper says. Positively, the firm’s 2026 renewal framework signals a clear RPO re-acceleration opportunity, while the long-term framework remains attractive even when accounting for weaker Services and a multiple in line with broader SW.