UPDATE: Bank of America Upgrades Thomson Reuters; Raises PO

According to a research report published this morning, Bank of America has upgraded Thomson Reuters TRI from Underperform to Buy, and increased PO from $26 to $34. Bank of America explained in the report, "We may be early on TRI shares, but there were clear signs of improvement in 1Q12 results. The declines in net sales in Financial & Risk (57% of revenue) improved versus 4Q. Legal (24% of revenue) saw organic revenue accelerate versus 4Q. Even in the tough current environment, we still expect slight YoY adjusted EPS growth in 2012. We also argue that TRI's 4% dividend yield helps support the stock. We expect TRI to use proceeds from the pending $1.25bn sale of its Healthcare unit to make tactical acquisitions and modest share repurchases." Thomson Reuters is currently trading at $30.52.