Tyler Technologies initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Tyler Technologies with an Outperform rating and $450 price target. The company represents a unique combination of revenue resiliency, new growth opportunities, and margin expansion from trough FY23 levels, the analyst tells investors in a research note. The push to Cloud is projected to boost customer spend by 2-times, while also improving margins by streamlining the product portfolio, and Tyler is expected to leverage its captive user base and deep product/workflow integrations to accelerate the adoption of payments, the firm added.