Tyler Technologies (TYL) has delivered a strong performance in the third quarter, exceeding earnings expectations and boosting its adjusted earnings per share guidance for fiscal year 2024. The company reported quarterly earnings of $2.52 per share, surpassing the analyst consensus estimate of $2.43 per share. While its quarterly sales of $543.34 million fell slightly short of the anticipated $547.35 million, the overall positive results have garnered significant attention from market analysts.
Following the earnings announcement, several analysts adjusted their price targets for Tyler Technologies, indicating a bullish sentiment towards the company’s future prospects.
*
Piper Sandler’s Clarke Jeffries
maintained an Overweight rating and raised the price target from $625 to $701.*
Oppenheimer’s Ken Wong
reiterated an Outperform rating and bumped up the price target from $625 to $700.*
Baird analyst Rob Oliver
also kept an Outperform rating and increased the price target from $625 to $700.*
Truist Securities analyst Terry Tillman
reaffirmed a Buy rating and raised the price target from $600 to $685.*
Barclays analyst Saket Kalia
maintained an Overweight rating while increasing the price target from $700 to $705.*
JMP Securities analyst Trevor Walsh
kept a Market Outperform rating and lifted the price target from $580 to $700.This collective upward revision of price targets by various analysts reflects a positive outlook on Tyler Technologies’ future performance. The company’s ability to exceed earnings expectations and raise its guidance is a strong indicator of its robust financial health and potential for continued growth. This news is likely to be well-received by investors, potentially leading to increased interest in the TYL stock.