UPDATE: Bank of America Upgrades IAC InterActive to Buy

Bank of America has published a research report on IAC InterActive

and has upgraded the company from Neutral to Buy after positive meetings with management. In the report, Bank of America writes, "Last week we had a positive meeting with management which addressed our concerns surrounding the company's Search segment which has recently been driving earnings upside. Trading at ~$46/share, we believe Interactive represents one of the most compelling valuations in the mid-cap internet space. Management helped demystify Search segment. The quality of search traffic is on par with other Google partners and faster than Google revenue growth is being driven by query share gains from smaller search companies." Bank of America has raised the price objective from $54 to $57 on IAC InterActive, which is currently trading up $1.83 from yesterday's $45.60 closing price.