DA Davidson analyst Peter Heckmann upgraded Tyler Technologies to Buy from Neutral and maintained a $10 price target, telling investors in a research note that with shares down about 27% since the beginning of September and with valuation declining towards the lower-end of the historical valuation range, he views this as a rare opportunity to become more constructive on the name. While he would not characterize Tyler shares as "cheap" after this pullback, the high-quality growth names rarely trade at discounted valuations, he notes.
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