UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Thomson Reuters Corporation as Environment Remains Challenging

In a report published Thursday, Credit Suisse analyst Colin Moore reiterated an Outperform rating on

, but lowered the price target from $43.00 to $41.00. In the report, Credit Suisse noted, “Despite some signs of stability in developed markets, the environment remains challenging due in part to ongoing European bank restructuring and emerging markets. While the revenue backdrop for 2014 is a bit disappointing (against low expectations) we continue to see a playbook for self-recovery owing to: 1) Improved market position with x3000 desktops mostly converted to Eikon (reducing churn pressure) and an increasing focus on the buy-side; 2) Short-term revenue headwinds that should be less material in 2015; 3) Significant cost-cutting initiatives to lift margins in 2015 with more opportunity beyond as other platforms shut-down; 4) Shareholder friendly capital returns, with $300 million shares repurchased since October.” Thomson Reuters Corporation closed on Wednesday at $34.32.