Raymond James Raises Price Target on Manhattan Associates, Inc. (MANH) Following Better Than Expected 2Q
Raymond James reiterated an Outperform rating on Manhattan Associates, Inc. (NASDAQ: MANH), and raised the price target to $75.00 (from $74.00), following the company's 2Q earnings report. The company reported total revenue of $154.9 million, slightly beating consensus of $153.7 million. Non-GAAP EPS of $0.49 topped consensus of $0.44. Management maintained its 2016 revenue guidance and raised their non-GAAP EPS outlook by $0.05.
Analyst Terry Tillman commented, "2Q16 results were solid overall with the highlight being a strong earnings performance and EPS upside. While we had expected sluggish large deal license activity, the company beat our software license revenue estimate and grew y/y. Ultimately, we believe services revenue and EPS strength (with potential upside opportunities) will more than offset sluggish 2016 license guidance. We maintain our Outperform rating given the scarcity value in digital commerce and EPS growth sustainability. We anticipate a license growth pickup in 2H16."
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Shares of Manhattan Associates, Inc. closed at $62.75 yesterday.