Tyler Technologies price target raised to $550 from $500 at Oppenheimer

Oppenheimer raised the firm’s price target on Tyler Technologies to $550 from $500 and keeps an Outperform rating on the shares after meeting with management team, business unit leaders, sitting in on product demos and sessions, and speaking to clients. The firm’s takeaways are that Tyler’s cloud-first messaging is resonating with clients through both carrots and sticks. Management’s adjustments to sales incentives and planned improvements to customer experience are catalysts to driving the pace of flips, cloud deals, and payments deals higher. These factors also give Oppenheimer’s confidence Tyler will increase product penetration higher and lead to greater margin improvement than outlined at investor day.