Manhattan Associates price target raised to $257 from $220 at Citi

Citi raised the firm’s price target on Manhattan Associates to $257 from $220 and keeps a Neutral rating on the shares. The Q1 results for application software were varied with bars largely reset and expectations lowered, the analyst tells investors in a research note. The firm believes the guides are relatively conservative but says macro fears on financial software budget priority remains a drag on sentiment despite the mission critical view, undercurrent of demand from regulation, and likely minimal artificial intelligence impact in the near-term.