First Read: Thomson Reuters Corporation "Anthropic Expanded Partnership..."

Research evidence excerpt

First Read: Thomson Reuters Corporation "Anthropic Expanded Partnership..."

Global Research

12 May 2026ab

First Read

EquitiesThomson Reuters Corporation

Anthropic Expanded Partnership Enhances Data Canada

Software

12-month rating Buy

Expanded Partnership with Anthropic generates Value

The TRI stock closed down 2% on intraday news that Anthropic announced that it was 12m price target US$183.00

expanding its presence in the legal industry by launching connectors—leaning closer to

the legal workflow in collaboration with third party systems while keeping data

Price (12 May 2026) US$87.27

governed. Thomson Reuters is one of the companies selected—only one we believe with

Fiduciary grade workflow—for partnership expansion connecting Claude with RIC: TRI.O BBG: TRI US

CoCounsel Legal. We believe the stock was down because investors are concerned this Trading data and key metrics

could fuel increased legal competition. Our view is unchanged—as TRI offers complete

52-wk range US$214.21-80.86

offerings—CoCounsel reasons across Westlaw + Practical Law documents—the

Market cap. US$39.7b

expanded Anthropic partnership widens its data moat and positions it as legal AI

Shares o/s 455m (COM)

adoption accelerates fueling productivity. Reiterate Buy + $183 PT and highlight:

Free float 34%

Expanding Anthropic partnership is positive—last February an Anthopic Avg. daily volume ('000) 2,582

event included a live demonstration of Claude's newest legal Plugin embedded Avg. daily value (m) US$242.3

in Thomson Reuters CoCounsel platform. Anthropic also suggested the Common s/h equity (12/26E) US$11.6b

CoCounsel redesign was rebuilt with Claude Agent SDK—based on Claude

P/BV (12/26E) 3.3x

Suite—creating the ONLY legal agent with native access to West + Practical