Manhattan Associates price target raised to $265 from $250 at Loop Capital

Loop Capital analyst Mark Schappel raised the firm’s price target on Manhattan Associates to $265 from $250 and keeps a Buy rating on the shares after its Q2 earnings beat. The company’s RPO, or remaining performance obligations, growth was solid at 29%, subscription revenue grew 35% and was ahead of Loop’s 33% growth forecast, and operating margins of 35% topped its estimate by 530 bps, the analyst tells investors in a research note. Manhattan is a long-term beneficiary of the upgrade cycle in the supply chain space, goes to market with a modern next-gen product line that’s making nice inroads with new customers, and is increasing its competitive standing as it executes its go-to-market strategy, the firm added.