The stock of supply-chain software provider Manhattan Associates Inc. was up 8% Wednesday to put it on track for a record close, as analysts weighing in on its fourth-quarter earnings said it could triple revenue over time. The company
MANH,
+8.76%
is still in the early innings of a cloud transition that should see revenue reach multiple billions of dollars, which suggests a meaningful uplift to the 2024 revenue guidance of about $1 billion, said Raymond James analysts.
“We understand that valuation conscious investors may struggle with shares that trade at 47x our revised calendar year 2025 free cash flow projection, yet we can’t find many companies at this size with high levels of visibility into potentially tripling the revenue base over the long-term,” analysts led by Brian Peterson wrote in a note to clients. Raymond James reiterated its outperform rating on the stock and raised its price target by 17% to $250 from $214. The stock was last trading at $242, which would be a record close, according to Dow Jones Market Data, based on data going back to April 23, 1998. The stock has gained for three of the past four days and was up almost 16% at its intraday high of $258.91, which it hit early in …
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MANH,
+8.76%
is still in the early innings of a cloud transition that should see revenue reach multiple billions of dollars, which suggests a meaningful uplift to the 2024 revenue guidance of about $1 billion, said Raymond James analysts.
“We understand that valuation conscious investors may struggle with shares that trade at 47x our revised calendar year 2025 free cash flow projection, yet we can’t find many companies at this size with high levels of visibility into potentially tripling the revenue base over the long-term,” analysts led by Brian Peterson wrote in a note to clients. Raymond James reiterated its outperform rating on the stock and raised its price target by 17% to $250 from $214. The stock was last trading at $242, which would be a record close, according to Dow Jones Market Data, based on data going back to April 23, 1998. The stock has gained for three of the past four days and was up almost 16% at its intraday high of $258.91, which it hit early in …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]