In a report released today, Jason Haas CFA from Wells Fargo maintained a Hold rating on Thomson Reuters (TRI – Research Report), with a price target of $177.00.
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Jason Haas CFA has given his Hold rating due to a combination of factors related to Thomson Reuters’ performance in the AI legal tools sector. The company’s CoCounsel 2.0 has shown strong results in the Vals Legal AI Report, outperforming the lawyer baseline in several tasks, which indicates a promising GenAI strategy. However, despite these positive outcomes, there is still a need to observe how CoCounsel performs in the upcoming research-focused part of the study, as well as to see if these tools can drive significant user adoption and market penetration.
While CoCounsel’s performance is commendable, the competition from Harvey, a rapidly growing legal technology startup, presents a challenge. Harvey has achieved higher scores in most tasks and is expanding its client base rapidly, which adds pressure on Thomson Reuters to further enhance its AI offerings. Consequently, the Hold rating reflects a cautious approach, waiting for more concrete evidence of CoCounsel’s ability to drive meaningful growth and user adoption before considering a more favorable rating.