UPDATE: Goldman Sachs Downgrades Thompson Reuters to Sell

Goldman Sachs lowers its rating on Thompson Reuters

to Neutral from Buy on unfavorable end market trends that persist. Price target is lowered $3 to $25. Goldman Sachs notes, "Risk from the financial services end market (around 50% of revenue) and European exposure (around 40% of financial services revenue) place our 2012 estimates 13% below consensus. TRI trades at 15x our 2012E EPS vs. 16x for faster growing NLSN shares. We lower our 2012E/13E EPS to $1.95 / $2.23 from $2.03 / $2.36 on deterioration in bank headcount trends. We see a 3-5% yoy decline in users associated with Thomson Reuters' Markets products in 2012." TRI closed at $28.81 a share on Wednesday.