The Globe and Mail reports in its Tuesday, Feb. 3, edition that National Bank's Adam Shine is keeping his "outperform" call on Thomson Reuters intact. The Globe's David Leeder writes that Mr. Shine slashed his share target by $110 to $190. Analysts on average target the shares at $245.74. Mr. Shine says the "negative vibe" on the implications of artificial intelligence on software has reset valuations, he now thinks the correction for companies like Thomson Reuters has "gone too far." Mr. Shine says in a note: "Target's now based on average of 2026 estimated DCF [discounted cash flow] and 2027 estimated NAV [net asset value] with 17.5 times (was 25.5 times) weighted average EBITDA applied to five segments (1.35 FX). Thomson Reuters traded at an average of 16 times post-2009 (undermined by F&R struggles and weaker professional segment metrics for a majority of this timeframe) and 22 times after 2018. We see peers trading at 10 to 20 times consensus 2026E. Should Thomson trade in the upper half of this range? We think so. It continues to have a solid moat for its Westlaw franchise in legal, it's integrating AI capabilities to enhance its strategic competitive positioning, and it doesn't bill on a per-seat basis."