TD upgrades Thomson Reuters to Buy on margin expansion cycle

TD Securities analyst Vince Valentini upgraded Thomson Reuters (TRI) to Buy from Hold with a price target of C$285, up from C$275. The firm says the company’s high growth, recurring revenue streams, expanding margins, and strong balance sheet warrant a premium valuation. Thomson is heading into a multi-year margin expansion cycle, which will show when the company issues its new multi-year guidance in early 2026, the analyst tells investors in a research note. TD views Thomson Reuters as “one of the best companies in Canada.” The stock in morning trading is up 1% to $177.35.