UPDATE: Evercore Partners Initiates Equal-Weight, $31 Target on Thomson Reuters

Evercore Partners initiates its coverage on Thomson Reuters

with an Equal-weight rating and a price target of $31. Evercore Partners elaborates, "TRI is flying on one wing right now. Its large Professional division is exhibiting the legacy Thomson growth formula: modest organic growth, new products/ markets, scale, tuck-in acquisitions and modest margin gains. On the other hand, Markets, transformed by the acquisition of Reuters in 2008, is struggling, which led to the recent ouster of CEO Tom Glocer and a major revamp in strategy." TRI closed at $28.90 a share yesterday.