UPDATE: Benchmark Company Reiterates Hold Rating, Raises PT on Manhattan Associates

In a report published Wednesday, Benchmark Company reiterated its Hold rating on Manhattan Associates MANH, and raised its price target to $50.00. Benchmark noted, “Our view is that MANH is a very good company with solid management and it is well positioned competitively, but the stock is too expensive in the current environment. With the shares now at $59 (near its all-time high and likely to go higher based on after-market activity) and valuation at 2.7x EV/2013E Revenue and 10.5x EV/2013E EBITDA, we are unwilling to chase the stock higher. We look to become more constructive on MANH with a meaningful pullback or confidence in a sustained acceleration of revenue and earnings. We are raising our price target to $50 given the recent strength of the broad software sector.” Manhattan Associates closed on Tuesday at $58.98.