The Globe and Mail reports in its Thursday, Feb. 22, edition that National Bank Financial analyst Adam Shine has downgraded Thomson Reuters to "underperform" from "sector perform." The Globe's David Leeder writes in the Eye On Equities column that Mr. Shine has an unchanged share target of $210. Analysts on average target the shares at $204.31. Mr. Shine lowered his rating ahead of Thomson Reuters's Investor Day event on March 12. He says he is awaiting details on "an expanding addressable market and growth opportunities ahead but all of this has seemingly been baked into the stock." Mr. Shine says in a note: "Thomson Reuters now trades at EV/EBITDA of 27 times 2024 estimates and 24.4 times 2025 estimates, with U.S. information publishers, respectively, at 23 times and 20 times consensus estimates and Europeans at 17.5 times and 16 times. The stock has moved on from these peers and especially up in valuation with a further kicker post-Q3 after it offered elements of its GenAI roadmap (traction begins in H2) and then multiyear guidance (mostly in line) with its Q4 two weeks ago. Thomson Reuters is pushing toward a market cap of $100-billion, rarefied air in Canada."