Thomson Reuters (TSE:TRI)(NYSE:TRI), a multinational information technology firm, has announced its decision to acquire Casetext, a firm renowned for integrating AI to facilitate legal professionals. The deal, costing $650 million, aligns with Thomson Reuters’ ambitious AI roadmap, which already includes a commitment to invest over $100 million annually for AI capabilities.
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Casetext, founded in 2013 in California, uses advanced AI and machine learning to develop efficient solutions for legal professionals. Casetext has been granted early access to the GPT-4 model by OpenAI, allowing it to refine its applications for the legal profession.
Among Casetext’s leading products is CoCounsel, an AI-powered legal assistant that provides rapid document review, legal research memos, deposition preparation, and contract analysis.
The completion of the transaction is anticipated in the latter half of 2023, pending regulatory approval and customary closing conditions.
Is TRI Stock a Buy, According to Analysts?
According to analysts, Thomson Reuters stock comes in as a Moderate Buy based on six Buys and eight Holds assigned in the past three months. The average TRI stock price target of C$179.08 implies just 0.7% upside potential.
If you’re wondering which analyst you should follow if you want to buy and sell TRI stock, the most accurate analyst covering the stock (on a one-year timeframe) is Drew Mcreynolds of RBC Capital, with an average return of 31.06% per rating and a 100% success rate. See below.
