Manhattan Associates' RPO Growth Seen Slowing in 2026, Morgan Stanley Says

MT Newswires Live01-06

Manhattan Associates (MANH) faces a likely slowdown in remaining performance obligation growth in 2026, and results may fall short of elevated investor expectations as "underappreciated headwinds" emerge, Morgan Stanley said in a report Sunday.

The company's RPO growth is expected to "decelerate" to the high-teens range in 2026 from the mid-20s, driven by contract "drainage" as early cloud agreements approach renewal and a weaker renewal cohort among order management system customers, the firm said.

The investment bank estimates about $400 million in sequential RPO additions in 2026, below "bullish expectations" of roughly $450 million.

Beyond RPO concerns, the company faces margin compression as it continues its transition from "on-premises customers" to the cloud, according to the report.

Morgan Stanley lowered Manhattan Associates' price target to $165 from $200, with an equalweight rating.

Shares of the company were up more than 2% in recent Monday trading.

Price: 171.93, Change: +4.65, Percent Change: +2.78

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