UPDATE: Bank of America Raises PT on Thomson Reuters Corporation Following Investor Day

In a report published Monday, Bank of America analyst Sara Gubins reiterated a Buy rating on Thomson Reuters Corporation

, and raised the price target from $33.00 to $36.00. In the report, Gubins noted, “Thomson Reuters' investor day reinforced our view that TRI is positioning itself to turn around the F&R segment (financial news, information, and analytics services; 51% of adj. EBITDA). With increased confidence in Eikon 3.0 (next gen desktop platform), we are increasing our target by $3 to $36, or 10x ‘14E EBITDA & 17x ‘14E EPS. We argue a premium multiple is warranted (historical 9x EBITDA) as TRI is in the early stages of improving results & operations. We note a 4% dividend yield and 8% of float is short, which could lead to a squeeze over time.” Thomson Reuters Corporation closed on Friday at $32.24.