Piper Sandler sees buying opportunity in shares of Tyler Technologies

Piper Sandler analyst Clarke Jeffries sees a buying opportunity in shares of Tyler Technologies and keeps an Overweight rating on the name with a $450 price target. Tyler is one of the firm’s top picks for 2023. The company has a "best-in-class" vertical model providing mission-critical software to the public sector, with a long runway of digitization opportunity, the analyst tells investors in a research note. Piper sees 2023 as an opportunity for investors to build a position in Tyler, saying that while its growth and margins compress this year, they could accelerate in 2024 as the company’s "cloud-first" transition continues to gain steam.