DA Davidson Analyst Raises Price Target for Manhattan Associates by 8.3%

By Don Francis, Editor
May 17, 2024 9:59 AM UTC
DA Davidson Analyst Raises Price Target for Manhattan Associates by 8.3%

DA Davidson's Gil Luria raised their price target on Manhattan Associates (NASDAQ: MANH) by 8.3% from $240 to $260 on 2024/05/16. The analyst maintained their Strong Buy rating on the stock.

Luria's decision to increase the price target was driven by Manhattan Associates' recent Momentum 2024 event, where the company showcased its peer-leading value capture. According to Luria, the event also highlighted an important addition to Manhattan Associates' "Active" portfolio of cloud solutions, Supply Chain Planning. This new offering is expected to enhance the company's value proposition for customers' supply chain workflows.

In addition to the Supply Chain Planning announcement, Manhattan Associates unveiled Gen AI features at the event, further enhancing its suite of products.

DA Davidson sees Manhattan Associates as the outright leader in return on invested capital (ROIC) within its software coverage area, boasting an impressive 134% return. This strong performance, coupled with the company's continuous innovation and expansion of its product offerings, has led Luria to maintain a Strong Buy rating on the stock.

It is worth noting that DA Davidson also made adjustments to the price targets of two other companies in their portfolio on May 16, 2024. Monday.com Ltd saw a 21.1% increase in its price target from $190 to $230, while Riskified Ltd witnessed a 40% price target increase from $5 to $7. Both companies, however, maintained their Hold ratings.

Looking at the overall analyst sentiment for Manhattan Associates, 66.7% of top-rated analysts currently rate the stock as a Strong Buy or Buy. Meanwhile, 33.3% consider it a Hold, and no analysts recommend or strongly recommend selling the stock.

In terms of performance, Manhattan Associates' stock price has experienced a 9.8% decline since its last quarterly report on March 31, 2024. However, when looking at the year-over-year performance, the stock is up by an impressive 32%. This growth outpaces the broader market, with the S&P 500 only showing a 28.9% increase during the same period.

DA Davidson analyst Gil Luria holds a respectable position within the Wall Street analyst community. Ranked in the top 23% out of 4,587 analysts by WallStreetZen, Luria has an average return of 6.9% and a win rate of 45.8%. Specializing in sectors like Healthcare and Financial Services, Luria brings valuable expertise to their analysis.

Manhattan Associates, Inc. is a software solutions company that focuses on managing supply chains, inventory, and omni-channel operations. The company offers a range of solutions, including logistics execution, inventory optimization, planning, and allocation. Manhattan Associates also provides maintenance, professional services, and training to support its customers' needs. Serving various industries such as grocery, retail, and manufacturing, the company operates globally.

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