2Q26 Results – Agentic Contribution Becoming Meaningful?

研报英文原文证据摘录

2Q26 Results – Agentic Contribution Becoming Meaningful?

Update

July 29, 2026 08:19 AM GMT

Morgan Stanley & Co. LLCMManhattan Associates Inc. | North America Chris Quintero

Equity Analyst

2Q26 Results – Agentic Chris.Quintero@morganstanley.comAdam Wood +1 212 761-1686

Adam.Wood@morganstanley.com +1 212 761-3656

Contribution Becoming

Manhattan Associates Inc. (MANH.O, MANH US)

Software | United States of AmericaMeaningful?

Stock Rating Equal-weight

Industry View Attractive

What’s Changed Price target $180.00

Manhattan Associates Inc. (MANH.O) From To Shr price, close (Jul 28, 2026) $168.17

Mkt cap, curr (mm) $9,922

Price Target $165.00 $180.00

52-Week Range $229.58-119.06

Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

AlphaSignals Earnings Reaction EPS ($)** 5.06 5.64 6.16 6.86

Prior EPS ($)** - 5.40 5.85 6.48

Strengthens our thesis Meaningful upside Modest revision higher P/E 34.2 29.8 27.3 24.5

Impact to our thesis Financial results versus consensus Direction of next 12-month EPS ($)§ 4.97 5.36 5.97 6.91

consensus EPS Div yld (%) - - - -

Source: Company data, Morgan Stanley Research

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

A 2nd straight Q of accelerating cloud growth to 26% provides **§ ==ConsensusBased on consensusdata is providedmethodologyby Refinitiv Estimates

strong evidence of G2M changes positively impacting growth. e = Morgan Stanley Research estimates Quarterly EPS ($)

With 10% of customers already using AI, we could see the 2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

narrative on MANH shifting to an AI beneficiary. At a fairly priced Q1 1.19 - 1.24a 1.31 1.34

30X CY27 Non-GAAP P/E, we are looking for pullbacks. Q2Q3 1.311.36 1.45- 1.53a1.47 1.451.59 1.641.62

Q4 1.21 1.37 1.41 1.50 1.55