Analyst cuts price target on Thomson Reuters stock

Robert Bek of Toronto investment bank CIBC said Tuesday’s results – a higher-than-expected rise in third-quarter profit and revenue – were “decent”. But he noted chief executive Tom Glocer’s forecast that growth in its key markets division will likely have to wait until 2013 as restructuring efforts announced in July play out.

“As such, we believe the Street will discount numbers further while waiting on execution,” Bek said. He  maintained a “sector performer” rating on the stock.

Thomson Reuters shares traded 0.24 per cent higher at $29.09 in New York on Wednesday. In Toronto the stock was 0.57 per cent lower at C$29.53. ■