Tyler Technologies price target lowered to $420 from $560 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Tyler Technologies (TYL) to $420 from $560 and keeps a Buy rating on the shares. Tyler Technologies shares fell about 15% after Q4 revenue and guidance came in below expectations, despite record cloud conversion activity and strong annual recurring revenue growth from existing bookings and flips. The company’s multi-year cloud transition and ongoing technology adoption across state and local governments position it for long-term growth, though sustained execution over consecutive quarters will be needed to restore investor confidence, the firm says.