JPMorgan ups Tyler Technologies target, adds to Analyst Focus List

JPMorgan increased the firm’s price target on Tyler Technologies by 20% to $630 and added the shares to the firm’s Analyst Focus List as a growth idea while keeping an Overweight rating on the name. The analyst walked away from investor meetings with management with “much stronger conviction” that Tyler’s 2025 and 2025 guidance is overly conservative. The company guides that by the end of 2024, it will likely stop selling on-premise versions of its public safety solutions, which implies a positive change from the company’s original plan and is supported by greater adoption, the analyst tells investors in a research note. The firm sees better margins from lower hosting costs. JPMorgan says the stock’s valuation deserves a premium.