Barclays upgrades Tyler Technologies to Overweight on SaaS transition

Barclays upgraded Tyler Technologies to Overweight from Equal Weight with a price target of $700, up from $577. Tyler could transition to software-as-a-service faster than expected as a substantial number of maintenance customers will be on current versions of software by the end of this year, which with a 1.7-times uplift on a $500M annual base “represents meaningful opportunity,” the analyst tells investors in a research note. The firm says Tyler is the leader in mission-critical software to U.S. state and local governments, making the business “very sticky and high quality.”