Analyst Note| Dan Romanoff, CPA |
Narrow-moat Manhattan hosted its Momentum Connect customer event today where it announced a variety of product advancements, including two brand new capabilities within MANH Active Supply Chain. Our biggest takeaway from the event was the announcement of MANH Active Transportation Management Solution , or TMS. The company also announced a key addition to the Unified Control family of solutions within MANH Active Warehouse Management, or WM, Unified Distribution Planning. We find the move of the full suite of solutions to the cloud-native Active platform to be an important step in cementing the company's leadership position. As such, we increasingly view the pipeline opportunities facilitated by Manhattan’s unified cloud architecture to be its most significant leverage as its solutions increasingly align with evolving consumer demands. Management was also bullish on the point-of-sale opportunity within retail, which we suspect could lead to strength throughout the year. We are maintaining our fair value estimate of $100 and would recommend investors wait for a better entry point for the stock.