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BMO Capital Markets Reiterates Outperform Rating, $35 PT on Thomson Reuters Corporation

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In a report published Wednesday, BMO Capital Markets reiterated its Outperform rating and $35.00 price target on Thomson Reuters Corporation (NYSE: TRI).

BMO Capital noted, “Thomson Reuters announced it has reached an agreement to divest it Investor Relations and Public Relations businesses. Nasdaq OMX Group is buying the assets for $390 million and the transaction is expected to close in Q2/13. Net after-tax proceeds are estimated at $350 million. The relevant businesses generate roughly $230 million in revenues representing ~3% of the Financial and Risk division revenues. The transaction multiple is in line with current trading parameters. We expect there to be net divestitures out of F&R over the medium term. As for acquisitions, if any, we expect they will be tactical in scale and scope and largely within the former Professional Group. Thomson Reuters is rated Outperform.”

Thomson Reuters Corporation closed on Tuesday at $28.28.

Latest Ratings for TRI

DateFirmActionFromTo
Jul 2014Credit SuisseMaintainsOutperform
Jul 2014Deutsche BankMaintainsHold
Jul 2014NomuraMaintains

View More Analyst Ratings for TRI
View the Latest Analyst Ratings

Posted-In: BMO Capital MarketsAnalyst Color Reiteration Analyst Ratings

 

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