Citi Upgrades Manhattan Associates (MANH) to Buy, Raises Price Target to $208
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 15 2026
0mins
Source: seekingalpha
- Rating Upgrade: Citi upgraded Manhattan Associates from Neutral to Buy and raised the price target from $200 to $208, reflecting optimism about the company's potential to capitalize on the renewal cycle for cloud customers in 2026-2027, which is expected to drive stock price appreciation.
- Cloud Growth Outlook: Analysts project over 20% cloud revenue growth for Manhattan Associates in 2026, primarily driven by renewals from initial cloud customers acquired between 2020 and 2022, with an estimated $230 million in Remaining Performance Obligations enhancing the company's market position.
- Executive Stability: Following the CEO transition in February 2025, analysts expressed positive surprise at the stability of the core executive team, believing this will aid the company in driving sales growth in new product categories, particularly in renewals and cloud conversions.
- Impact of New Leadership: The appointment of new COO Greg Betz aims to build and scale teams focused on renewals and cloud conversions, which is expected to enhance cross-sell capabilities and renewal uplift, thereby improving overall company performance.
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Analyst Views on MANH
Wall Street analysts forecast MANH stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for MANH is 224.57 USD with a low forecast of 165.00 USD and a high forecast of 250.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
8 Analyst Rating
6 Buy
2 Hold
0 Sell
Strong Buy
Current: 161.140
Low
165.00
Averages
224.57
High
250.00
Current: 161.140
Low
165.00
Averages
224.57
High
250.00
About MANH
Manhattan Associates, Inc. develops, sells, deploys, services and maintains software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. It operates in North and Latin America; Europe, the Middle East and Africa (EMEA); and the Asia Pacific (APAC) regions. It provides companies with the tools needed to manage distribution and optimize transportation costs throughout their entire commercial network. Its solutions consist of software, services, and hardware, which coordinate people, workflows, assets, events, and tasks holistically across the functions linked in a supply chain from planning through execution. These solutions help to coordinate the actions, data exchange, and communication of participants in supply chain ecosystems, such as manufacturers, suppliers, distributors, trading partners, transportation providers, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Manhattan Associates Reports Record Q4 2025 Earnings and Cloud Growth
- Cloud Business Innovation: Manhattan Associates achieved record cloud bookings in Q4 2025, with cloud revenue reaching $109 million, a 20% year-over-year increase, indicating a stronger competitive position in the rapidly growing cloud market.
- Strong Financial Performance: The company reported total annual revenue of $1.08 billion, up 4%, with adjusted EPS at $5.06, reflecting sustained growth in revenue and profitability, thereby enhancing investor confidence.
- Organizational Restructuring: The reorganization of the global sales team and the hiring of new executives aim to improve sales efficiency and market responsiveness, a strategic move expected to drive future performance and strengthen competitive advantage.
- Optimistic Outlook: Management targets RPO of $2.62 billion to $2.68 billion for 2026, with cloud revenue projected to grow 21% to $492 million, demonstrating confidence in future growth and the ability to capitalize on market opportunities.
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Manhattan Associates Exceeds Q4 Earnings Expectations and Provides Strong 2026 Guidance
- Strong Earnings Report: Manhattan Associates reported a Q4 non-GAAP EPS of $1.21, beating expectations by $0.08, with revenue of $270.39 million reflecting a 5.7% year-over-year increase, indicating robust market performance.
- 2026 Revenue Guidance: The company projects total revenue for 2026 to range between $1.133 billion and $1.153 billion, with a growth rate of 5% to 7%, demonstrating confidence in future growth and positive market demand.
- Improved Operating Margins: Expected GAAP operating margins for 2026 are set between 24.1% and 24.7%, while adjusted operating margins are projected at 34.5% to 35.0%, reflecting ongoing efforts in cost control and efficiency improvements.
- Earnings Per Share Outlook: The company anticipates GAAP EPS for 2026 to be between $3.37 and $3.53, with adjusted EPS ranging from $5.04 to $5.20, showcasing stability in profitability and growth potential.
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