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Fly News Breaks for February 13, 2020
TYL
Feb 13, 2020 | 09:13 EDT
Needham analyst Scott Berg raised his price target on Tyler Technologies to $380 and kept his Buy rating after its "very good" Q4 results, with bookings up 33.6% and the number of new contracts up 69% to record high levels. The analyst also cites the company's strong growth in license and subscription revenue while attributing the weaker than expected operating cash flow margins to operating expenditure related to its recent acquisitions. Berg adds that Tyler management's forecast of operating margin expansion should help the stock price "work higher".
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