Relx price target lowered to 3,980 GBp from 4,410 GBp at Morgan Stanley

Morgan Stanley analyst George Webb lowered the firm’s price target on Relx (RELX) to 3,980 GBp from 4,410 GBp and keeps an Overweight rating on the shares. GenAI is fueling a rapid pace of change in lawyer workflows and driving revenue acceleration for Thomson Reuters (TRI) and Relx’s Legal businesses, notes the analyst, who sees two data-related areas of moat for the pair of “dominant players” in the U.S. legal reference information market. While Thomson Reuters and Relx continue benefiting from GenAI in Legal, competition debates are likely to impede the near-term valuation multiple trajectory, the firm said, adding that it has a “clear preference for Overweight RELX over Equal-weight Thomson Reuters at this junction.”