Thomson Reuters shares spike; analysts see potential Nasdaq 100 inclusion
U.S. shares of Thomson Reuters Corp TRI.O spiking 9% to a record high on Monday, with analysts pointing to potential inclusion of the Canadian co in the Nasdaq 100 .NDX index
Driving Mon's speculation, China's market regulator conditionally approved U.S. chip design software provider Synopsys' SNPS.O acquisition of engineering design firm Ansys ANSS.O, clearing the last significant regulatory hurdle for the $35 bln buyout
A completed merger would open a spot in the Nasdaq 100 that could be filled by TRI, analysts said. Cos joining major indices often see spikes in demand for their shares from index funds
Nasdaq 100 tracks performance of the 100 most largest Nasdaq-listed non-financial cos. Inclusion is based on a range of criteria
TRI's Canada-listed shares on track for biggest daily pct gain since Feb 2021
TRI in Feb moved its U.S.-listed stock Nasdaq from NYSE
With Mon's surge TRI now up 36% YTD
17 analysts cover TRI, on avg rating it 'hold'. Its median PT is $186.50, which is 14% below its current price of $217.73
Before Mon's surge, TRI traded at 24 times expected earnings, vs its five-yr avg forward PE of 20, per LSEG
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