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NEW YORK - A Deutsche Bank analyst downgraded shares of Thomson Corp. on Monday, saying the current credit crunch will likely be a hindrance to the business information provider.
| DB | 82.71 |  0.74 |
Analyst Mark Braley moved his rating on the Stamford, Conn., company to "Hold" from "Buy" and cut his price target to $49 from $51. The new target implies he expects the stock to rise about 45 percent over Friday's $33.84 close.
Thomson is currently under-exposed to credit problems facing parts of economy and has great momentum, Braley said, but overall market sentiment is likely to be a "drag."
Yet the company is still "defensive," with 50 percent of profits from "dull" legal and tax services as well as financial self-help materials, he said.
The downgrade comes less than a week after shareholders approved Thomson's $16.2 billion takeover of Reuters Group PLC. Braley kept a "Buy" rating on Reuters, shares of which closed Friday at $70.17.
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