Tyler Technologies price target lowered to $543 from $671 at Piper Sandler

Piper Sandler analyst Clarke Jeffries lowered the firm’s price target on Tyler Technologies (TYL) to $543 from $671 and keeps an Overweight rating on the shares. The firm notes Q4 results showcased a return to positive SaaS ACV Bookings growth a quarter sooner than it expected with new Flips ARR growing 64% year-over-year for the second consecutive quarter. After a 37% pullback in shares year-to-date, Tyler now trades at a discount to the rest of Vertical Software. Even in consideration of the brutal software tape, the punishment Tyler has received vs. Piper’s view on the fundamental strength of the business is the widest gulf in its coverage, the firm says.