UDPATE: Piper Jaffray Upgrades Rating on Thomson Reuters as Industry Environment Improves
In a report published on Thursday, Piper Jaffray upgraded their rating on Thomson Reuters (NYSE: TRI) from Underweight to Neutral and changed its PT on the company from $27 to $34.
In the report, analysts from Piper Jaffray commented that, "Domestic equity markets have been robust over the past 18 months, leading to rising assets under management (AUM) for a key part of TRI's customer universe. Global mutual fund inflows were positive in 1Q 2013 for the first time in five years, driving growth in AUM to record levels. Rising AUMs generally correspond to higher headcount both on the buy-side to oversee the assets and on the sell-side to service institutional investors, driving potential for improved demand for Thomson's Financial & Risk segment. After several years of negative/nominal growth, an improved industry backdrop should help TRI return to positive revenue comparisons over the next several quarters."
Thomson Reuters is up 0.10 points on the day and currently trades at $35.05 a share.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.