Manhattan Associates Analysts Boost Their Forecasts Following Upbeat Earnings

Manhattan Associates, Inc. MANH reported better-than-expected fourth-quarter results on Tuesday.

Manhattan Associates posted adjusted earnings of $1.03 per share, beating market estimates of 80 cents per share. The company’s quarterly sales came in at $238.25 million versus expectations of $223.97 million, according to data from Benzinga Pro.

"Manhattan’s business fundamentals and momentum are strong. Our fourth quarter results exceeded expectations, capping a very successful year for our company," said Manhattan Associates president and CEO Eddie Capel. "While appropriately cautious regarding the global economy, Manhattan enters 2024 from a position of strength, and we are optimistic about our growing market opportunity. We remain firmly committed to helping our customers succeed by delivering leading innovation across supply chain execution, omnichannel and retail point of sale markets."

Manhattan Associates shares jumped 10.8% to $248.00 in pre-market trading.

These analysts made changes to their price targets on Manhattan Associates after the company reported quarterly results.

• Rosenblatt boosted the price target on Manhattan Associates from $215 to $225. Rosenblatt analyst Blair Abernethy maintained a Neutral rating.
• Raymond James increased Manhattan Associates price target from $214 to $250. Raymond James analyst Brian Peterson maintained an Outperform rating.

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