Tyler Technologies price target raised to $500 from $480 at Oppenheimer

Oppenheimer raised the firm’s price target on Tyler Technologies to $500 from $480 and keeps an Outperform rating on the shares. The company reported “solid” Q1 results with a beat on top- and bottom-line estimates, in addition to raising the full-year revenue outlook, the analyst tells investors in a research note. Tyler’s improvements in cloud operations and version consolidation drove expansion in gross margin, the firm stated, adding it was encouraged by faster than anticipated progress in cloud improvements and profitability while acknowledging that the pace of cloud adoption/migration activity is a challenge to underwrite in the near term.