Thomson Reuters (TRI) PT Raised to $156 at Canaccord Genuity

Canaccord Genuity analyst Aravinda Galappatthige raised the price target on Thomson Reuters (NYSE: TRI) to $156.00 (from $149.00) while maintaining a Hold rating.

The analyst commented: "Apple’s ecosystem approach, including an installed base that now exceeds 2.2B devices globally, and continuing to grow at a nice pace, should continue to generate strong services revenue as evidenced by the all-time quarter record in Q2/F24. Longer term, we expect the higher margin services revenue growth to outpace total company growth and drive gross margin expansion. With its strong balance sheet, management plans to continue to repurchase shares given the attractive valuation and plans to get to cash neutral longer term. Moving into Q3/F’24, management expects low single-digit YoY revenue growth, which includes ~2.5% F/X headwinds. Given the results and guidance were slightly better than expected with increasing margins from the favorable mix to services, we are increasing our estimates and raising our PT to $215. Given the strong balance sheet, loyal customer base, and growing mix of services driving margin expansion, we reiterate our BUY rating."

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