Manhattan Associates surges on Q2 results beat
** Shares of software co Manhattan Associates MANH.O up 11.2% at $251.27 on Weds after Q2 report tops expectations
** MANH on track for biggest daily pct gain since Nov 10, 2022
** Atlanta-based supply chain solutions provider late Tues posted adj EPS of $1.18 vs LSEG estimate of $0.96
** Rev in qtr increased 15% to $265 mln, also beating consensus
** For FY 2024, co expects rev of $1.036-$1.044 bln, up ~12% vs 2023, and adj EPS of $4.22-$4.30, 13%-15% growth
** Raymond James boosted its PT by $5 to $255, while D.A. Davidson hiked PT by $25 to Street-high $285, per LSEG
** D.A. Davidson reiterated "buy", saying Q2 remaining performance obligations (RPO) grew 29% yr/yr and co's demand pipeline remains healthy with 35% consisting of net new customers
** 8 of 11 analysts rate MANH "strong buy" or "buy", rest "hold" and their median PT is $260
** With move on Weds, MANH up ~17% YTD vs S&P 400 Software & Services index's .SPMDCIS ~1% advance
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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