UPDATE: Deutsche Bank Initiates IAC/InteractiveCorp at Buy on Leading Risk/Reward

Deutsche Bank initiated its coverage on IAC/InteractiveCorp

with a Buy rating and a $63 price target. Deutsche Bank noted, "IACI offers investors one of the best risk/reward trade-offs in the space given the consistent return of cash to shareholders via buyback and dividend. Sentiment seems persistently negative around IAC, as investors question the sustainability of the company's growth and the quality of the businesses. We do not expect any of IAC's businesses to materially change trajectory, which gives us confidence that the returns can continue. The recent About.com deal helps diversify the search business away from toolbars, which we view positively." IAC/InteractiveCorp closed at $51.80 on Thursday.