Cantor Fitzgerald Starts Tyler Tech (TYL) at Neutral

Cantor Fitzgerald analyst Matthew VanVliet initiates coverage on Tyler Tech (NYSE: TYL) with a Neutral rating and a price target of $60.00.

The analyst comments "Initiate with Neutral rating and $600 price target. This is based on shares trading at 10x our CY26 revenue estimate. This compares to the current EV/2026 revenue multiple of 9.5x. • Well-positioned in the public sector with a long runway of cloud migrations and general modernization still to come. TYL is the clear market leader, yet only ~40% of local jurisdictions operate on modern technology and cloud enabled software. We expect Tyler to continue to gain market share driving annual top line growth of at least 10% over the next several years. • FCF conversion continues to improve and remains in the upper quartile of software companies in the market today. Tyler 2030 plan highlights additional efficiencies across the model and scale of its cloud infrastructure to generate more than $1bn in 2030 FCF. • Balance sheet strength and strong cash flow position Tyler strongly to continue with M&A as a key growth driver. The company has successfully executed a number of tuck-in acquisitions, and we expect that to continue, driving multiple points of acquired growth on an annual basis."

For an analyst ratings summary and ratings history on Tyler Tech click here. For more ratings news on Tyler Tech click here.

Shares of Tyler Tech closed at $564.72 yesterday.

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