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

In a report published Friday, Benchmark reiterated its Buy rating on Tyler Technologies 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.