UPDATE: Bank of America Lowers PO on Thomson Reuters from $34 to $33

Bank of America reiterated a Buy rating on Thomson Reuters

and lowered its price objective from $34 to $33. Bank of America noted, “Turn could be pushed out Thomson reported steady revenue trends vs. 1Q, in-line underlying operating income, and net sales in Financial & Risk (F&R, 56% of revenue) that were less negative than in 1Q. Shares traded down 2% as management said that it will be difficult to deliver positive net sales in F&R in 4Q if the market continues to deteriorate. While TRI faces a tough macro backdrop, we believe internal operations are improving.” Thomson Reuters closed at $22.45 on Tuesday.