Tyler Technologies

TYL · NYSE

$377.17+$17.08 (+4.74%)TodayMarket closed · Oct 20, 6:30 PM ET

Prev close $360.09

TYL analyst rating

BuyConsensus of 15 analysts over the last 12 months. 80% rate it a buy.

Strong buy0
Buy12
Hold3
Underperform0
Sell0

12-month price target · 24 analysts

Average $428.90 (+13.7% upside)

Low: $338.35
Now: $377.17
High: $535.90

Upgrades and downgrades

The latest rating actions, newest first

TYL analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Wells Fargo	Oct 12, 2026	Upgrade	Equal-Weight → Overweight	$335.00 → $400.00	49%
Goldman Sachs	Oct 8, 2026	Downgrade	Buy → Neutral	$395.00 → $345.00	49%
Piper Sandler	Sep 28, 2026	Maintains	Overweight	$491.00 → $450.00	41%
BTIG	Sep 24, 2026	Maintains	Buy	$400.00	70%
Piper Sandler	Jul 31, 2026	Maintains	Overweight	$543.00 → $491.00	41%
BTIG	Jul 30, 2026	Maintains	Buy	$420.00 → $400.00	70%
TD Cowen	Jul 27, 2026	Maintains	Buy	$450.00 → $400.00	78%
Guggenheim	Jul 23, 2026	Initiates	Buy	$440.00	59%
JP Morgan	Jun 23, 2026	Maintains	Overweight	$650.00 → $525.00	63%
DA Davidson	Jun 10, 2026	Maintains	Buy	$460.00	57%

The case for and against

Updated Oct 14, 2026

Bull case

Tyler Technologies is benefiting from deep entrenchment in mission-critical local government workflows, where its ERP, courts, and payments platforms face high switching costs and durable demand backed by relatively stable property-tax funding. Its cloud migration remains a powerful growth engine, with SaaS bookings up 20%+ in Q2, guidance for 21.5%-23.5% SaaS growth in 2026, and a path toward 2030 targets of $3.6-$3.7 billion in revenue and over 90% recurring revenue. The outlook is further strengthened by early AI monetization opportunities, expanding transaction revenue, and disciplined capital allocation, including $755 million of YTD buybacks and 5%+ of shares repurchased despite ongoing investment capacity.

Bear case

Tyler Technologies is exposed to tightening state and local budgets, with 70-75% of revenue tied to local government and another 20-25% to state agencies, so slower revenue growth, delayed purchases, and weaker cloud migration could pressure bookings and recurring revenue. Its legacy mix is also eroding, as maintenance and support fell from $474M in 2021 to $446M in 2025 and software licenses dropped from $74M to $12.8M, while the company’s acquisitive structure across 55 acquisitions and many separate codebases may complicate AI integration and product consolidation. At the same time, competition from AI-native and well-capitalized vendors could weaken Tyler’s moat, especially if customer hesitancy rises and transaction-based growth or major contract renewals disappoint.

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