Jefferies analyst James Heaney assumed coverage of IAC (IAC) with a Buy rating and a price target of $60, down from $65. Q3 results were “mostly overshadowed” by IAC’s decision to spin off Angi Inc. (ANGI), which represents about 28% of IAC’s market cap, as IAC looks to free up capital for further value creation. With the value of IAC’s stub ex-Angi and MGM (MGM) “remaining near zero,” the firm views the spinoff as an opportunity to unlock shareholder value from growing profitable assets like Dotdash-Meredith, the analyst tells investors.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on IAC:
- IAC price target lowered to $77 from $82 at TD Cowen
- IAC price target lowered to $66 from $70 at Barclays
- IAC price target lowered to $61 from $62 at Goldman Sachs
- IAC/InteractiveCorp Considers Strategic Moves Amid Growth
- Elliott confirms big Honeywell stake, Home Deport reports Q3 beat: Morning Buzz
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
%20%7C%20Nasdaq&_biz_n=16&rnd=473644&cdn_o=a&_biz_z=1743712696900)
