National Bank analyst Adam Shine earlier today downgraded Thomson Reuters to Underperform from Sector Perform with an unchanged price target of C$210. The shares have performed “remarkably well” but Thomson Reuters’ valuation is “stretching to and beyond even the most magnificent,” the analyst tells investors in a research note. The firm says the stock trades at an enterprise value to EBITDA of 27-times 2024 estimates, with its U.S. information publisher peers trading at 23-times and European peers trading at 17.5-times, the analyst tells investors in a research note.
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