Thomson Reuters downgraded at TD Securities with valuation at ‘all-time high’

TD Securities analyst Vince Valentini downgraded Thomson Reuters to Hold from Buy with an unchanged price target of C$175. The stock’s valuation on an EV/EBITDA basis has expanded more than most of its peers over the past year and "hit a new all-time high yesterday," said the firm, which takes "no issue with fund managers who want to keep this as a core holding," but cannot recommend new buying of the stock at these levels, preferring to see either a lower entry point or the passage of time. The firm also fears that any pullback for technology stocks in general could put short-term pressure on Thomson Reuters shares.