Tyler Tech (TYL) PT Raised to $510 at Needham & Company
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Needham & Company analyst Scott Berg raised the price target on Tyler Tech (NYSE: TYL) to $510.00 (from $460.00) while maintaining a Buy rating.
The analyst commented, "Tyler reported 4Q financial results below our estimates as more deals than expected slipped out of 4Q and into 1Q as the second pandemic lockdown elongated some sales cycles. While we view this sales dynamic as only a transitory issue since broader demand trends remain consistent, we believe investors are more focused on the announced NIC acquisition that will further extend Tyler into State and Federal government customers. The NIC acquisition is Tyler's largest to date at what we believe is a reasonable valuation for NIC's foothold in state customers. We expect cross sell synergies to be plentiful which should extend the company's ability to grow revenues at a high single digit level or better for a longer than previously expected time frame. We raise our PT to $510 to reflect our view on higher more durable growth into FY22."
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