Tyler Technologies' stock experienced a significant decline of 6.64% during intraday trading on Wednesday. The sharp drop came amid mixed signals from Wall Street analysts regarding the company's valuation.
The movement appears to be driven by a recent analyst action from D.A. Davidson, which upgraded Tyler Technologies from Neutral to Buy but simultaneously reduced its price target from $510 to $460. While the upgrade to Buy suggests confidence in the company's fundamentals, the substantial $50 cut in the target price likely contributed to negative market sentiment and selling pressure.
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