RBC Capital analyst Drew McReynolds downgraded Thomson Reuters to Sector Perform from Outperform but raised his price target on the stock to $82, up from $70. The analyst notes that the shares have seen a period of "significant" price appreciation, though he continues to see an "attractive fundamental set-up for the company looking into 2021" with accelerating organic revenue growth and margin expansion, adding that he would recommend buying Thomson Reuters on any "meaningful" pullback.

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.