UPDATE: Benchmark Downgrades Manhattan Associates to Hold

Benchmark lowers its rating on Manhattan Associates MANH to Hold from Buy primarily due to its current valuation limiting near-term upside potential. Benchmark says, "MANH's shares have appreciated 40% ytd (vs. -8% for the broader software sector) and, since our April 2010 upgrade, are closing in on our former $44 price target. We think the stock could trade to roughly $46, representing 9% upside and a 2.4x EV/2012E Revenue." MANH closed at $42.59 per share on Wednesday.