Canaccord analyst Aravinda Galappatthige last night downgraded Thomson Reuters to Hold from Buy with a price target of $131, up from $124, post the Q1 results. Despite a backdrop of slowing macro conditions and some lengthening in sales cycles, the Q1 result and comments on the call are supportive of Thomson meeting full-year expectations, the analyst tells investors in a research note. However, the firm cites valuation for the downgrade following the stock’s recent rally. Much of the good news is already priced into Thomson shares, says Canaccord, which prefers to wait for more compelling entry points.
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