Tyler Technologies price target raised to $700 from $625 at Oppenheimer

Oppenheimer raised the firm’s price target on Tyler Technologies (TYL) to $700 from $625 and keeps an Outperform rating on the shares. The company reported “solid” Q3 results with revenue slightly below consensus, but ahead of internal expectations, and profitability ahead of estimates, the analyst tells investors in a research note. Tyler management also narrowed the top-line outlook and increased its free cash flow margin by 300bps, though its License / Royalties was reduced due to accelerated cloud demand, which implies SaaS and Payments were increased slightly, the firm added.