UPDATE: Goldman Sachs Resumes Coverage on Thomson Reuters Corporation with Neutral Rating, $35 PT as Valuation Reflects Weak Fundamentals

In a report published Friday, Goldman Sachs analyst Andre Benjamin resumed coverage on

with a Neutral rating and $35.00 price target. In the report, Goldman Sachs noted, “We resume coverage of TRI with a Neutral rating and a $35 12-month EV/EBITDA-based target price due to 8% total return, largely in line with the 4% average upside for the group. TRI has been the worst performing stock under coverage the last three years (-42% vs. the S&P 500 since January 2011) as results for its Financial & Risk (F&R) division (54% of 2013E revenue) deteriorated. The decline was driven by lower spending by financial institution clients and loss of market share due to poor execution on a series of upgrades to its Eikon integrated desktops. YTD the stock is roughly flat vs. the S&P.” Thomson Reuters Corporation closed on Thursday at $35.37.