National Bank upgraded Thomson Reuters to Sector Perform from Underperform with a price target of C$217, up from C$210, ahead of its Q1 results. The company has telegraphed organic revenue growth of 8% and adjusted EBITDA margin of 40%, with net growth impacted by sale of Elite but helped by purchase of Pagero and second consecutive quarter of Reuters licensing deals to third parties to drive their AI LLMs - or large language models, the analyst tells investors in a research note, adding that these will boost segment revenue growth to mid-to-high teens.