-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师的观点总结如下：我们将目标股价从402美元下调至394美元，基于2026年每股收益12.71美元的预期，远期市盈率为31倍。该预期低于公司三年平均水平，但高于同行，这得益于其业务的韧性。我们将2026年每股收益预期从12.57美元上调至12.71美元，并将2027年每股收益预期从14.19美元上调至14.28美元。TYL公布的2026年第一季度营收为6.135亿美元，同比增长8.6%，主要得益于SaaS业务营收的强劲增长，同比增长23.5%至2.224亿美元。交易型营收增长6.4%至2.074亿美元。随着现代化进程的推进和人工智能应用向云端转移，客户正积极部署云服务。我们预计这一趋势将维持SaaS的增长势头，增强我们对中短期内SaaS增长超过20%的信心。非GAAP营业利润率提升40个基点至27.2%，调整后EBITDA增长9.3%至1.773亿美元，这得益于利润率更高的SaaS和交易收入的有利增长、云效率的提升以及严格的费用控制。
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