Brean Capital called Manhattan Associates' Q2 results a typical solid performance. The firm said the shares reflect the company's exceptional consistency in its sales execution and could command higher valuation multiples as the company continues to show solid, consistent execution and improving margins. Brean Capital reiterated its Buy rating and $75 price target on Manhattan Associates shares.

DA Davidson upgraded Manhattan Associates to Buy from Neutral with a price target of $240, up from $220. The stock correction this year is overdone, especially following a quarter where the company exceeded expectations and raised guidance, the analyst tells investors in a research note. The firm says the shares now trade below its three-year bottom quartile forward price-to-earnings ratio, "an attractive entry for buyers today." The firm believes Manhattan is a "definitive" return on invested capital leader and "deserves more recognition from the market." Manhattan "generates pre-tax return on invested capital of 135%, a number we had to triple-check and sanity-check with management," writes DA Davidson.