Tyler Technologies price target raised to $600 from $500 at Needham

Needham raised the firm’s price target on Tyler Technologies to $600 from $500 and keeps a Buy rating on the shares. The company’s customer conference and investor lunch reinforced the firm’s positive thesis regarding Tyler’s customer budget trends, relative competitive strengths across key product lines, product innovation, and ongoing integration of recent acquisitions including cross-sales, the analyst tells investors in a research note. Tyler offers innovative ways for customers to drive a “compelling” return on investment, especially local governments, who increasingly need to do “more with less” in a challenging hiring environment, the firm added.