Market Overview

UPDATE: Benchmark Reiterates Buy Rating, Raises PT on Tyler Technologies on Q4 Results

Related TYL
3D Systems Makes Another Forbes List For 2014
Top 4 NYSE Stocks In The Technical & System Software Industry With The Lowest PEG Ratio

In a report published Friday, Benchmark reiterated its Buy rating on Tyler Technologies (NYSE: TYL), and raised its price target to $67.00.

Benchmark noted, “TYL reported a solid quarter, building backlog, growing subscription revenue meaningfully, and beating our top and bottom line estimates slightly. The Company continues to see improving public sector fundamentals (albeit incrementally) and diminishing competition. As recurring revenue continues to build and makes up a greater percentage of TYL's business, we believe investors will increasingly compare the Company to other quality cloud software vendors that have recurring revenue models, which has implications for multiple expansion. As such, we think the story keeps working, despite the stock rising roughly 12% ytd, so we are raising our price target to $67 as we believe the shares have not yet peaked.”

Tyler Technologies closed on Thursday at $54.75.

Latest Ratings for TYL

DateFirmActionFromTo
May 2014Dougherty & CompanyDowngradesBuyNeutral
Jul 2013Sidoti & Co.DowngradesBuyNeutral
Jul 2013Sidoti & Co.DowngradesBuyNeutral

View More Analyst Ratings for TYL
View the Latest Analyst Ratings

Posted-In: BenchmarkAnalyst Color Price Target Analyst Ratings

 

Related Articles (TYL)

Around the Web, We're Loving...

Get Benzinga's Newsletters