UPDATE: Deutsche Bank Raises Target to %52 on InterActiveCorp
Deutsche Bank reiterates its Buy rating on InterActiveCorp (NASDAQ: IACI) and raises its price target to $52 from $46 a share as the company increases search revenue by navigating structural headwinds.
Deutsche Bank says, "Despite investor concerns around the sustainability of search, the company has powered through seeming structural headwinds of Chrome/Safari browser gains, showing search revenue growth acceleration for the third quarter in a row, despite more difficult comps. All-in, IAC grew profits by 68% in 2011 (+56% in '10), with organic OIBA growth of +16% likely in '12."
IACI closed at $43.07 a share on Wednesday.
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