Tyler Technologies price target raised to $480 from $460 at Wells Fargo

Wells Fargo raised the firm’s price target on Tyler Technologies to $480 from $460 and keeps an Overweight rating on the shares. Tyler’s initial guidance for 2024 suggests that its cloud transition is gaining steam with a free cash flow margin of 17%-19% pulled forward one year from the medium-term target, the analyst tells investors in a research note. The firm says software as a service is positioned to sustain low 20s growth with margin expansion as the model turns the corner.