Raymond James analyst Brian Peterson raised the firm’s price target on Manhattan Associates (MANH) to $305 from $255 and keeps an Outperform rating on the shares. Manhattan Associates’ Q3 results showed another impressive margin beat, though this may be overshadowed by slipped deals driving softer than expected Recruitment Process Outsourcing growth, and while multiple mentions of a solid start to Q4 and committing to the high-end of the 2024 RPO guidance should give reassurance of a snapback, this marks the second consecutive quarter of slipped deals and below-consensus RPO trends, the analyst tells investors in a research note. Raymond James has no structural concerns and believes in the company’s durable growth rate, but notes that trends suggest there could be additional cyclical pressure in the coming quarters.
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