Manhattan Associates price target lowered to $270 from $305 at Raymond James

Raymond James lowered the firm’s price target on Manhattan Associates (MANH) to $270 from $305 and keeps an Outperform rating on the shares. The company’s Q4 results exceeded expectations, but a lowered Services outlook took shares down 25%, the analyst tells investors in a research note. The firm says Manhattan’s “strong” bookings will likely be overlooked with a headline growth guidance in the low-single digits, as customers have taken a much slower implementation schedule for projects in 2025. Raymond James believes the new forecast assumes little recovery of lost services through 2026. The company’s bookings and cloud trajectory remains intact and long-term investors “may finally have their buying opportunity,” it contends.