UPDATE: Oppenheimer Raises IAC/InterActive's PT
According to a research report published this morning, Oppenheimer has increased IAC/InterActiveCorp's (NASDAQ: IACI) PT from $60 to $63.
In the report, Oppenheimer said, "We are raising our estimates and target following very strong 1Q results and better than expected guidance. While investors were disappointed by search guidance--implying weak 4Q results--we view this as preliminary guidance, based on a conservative FY12 view and not a specific forecast for 4Q:12. Match investments are positioning the segment for stronger growth in 2013 without hurting 2012 OIBA. Local and Media expect to see reduced profitability, but again, position the company for future growth. Raising 2012 & 2013 OIBA by 5% and 6%, respectively."
Oppenheimer maintains its Outperform rating on IAC/InterActiveCorp, which closed yesterday at $50.36.
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