UPDATE: Canaccord Genuity Downgrades IAC/InterActiveCorp on More Balanced Risk/Reward

In a report published Monday, Canaccord Genuity analyst Michael Graham downgraded the rating on

from Buy to Hold, but reiterated $56.00 price target. In the report, Canaccord Genuity noted, “We are trimming our estimates for Q3 and Q4/13 and lowering our rating from BUY to Hold. We continue to believe the stock offers valuable defensive qualities given the undemanding valuation and capital return track record. In addition, we believe strength in the Match segment should continue. However, with continued headwinds in core Search and the stock up ~31% since bottoming after Q4 earnings to within ~8% of our target price, we believe the risk/reward is more balanced at the current level.” IAC/InterActiveCorp closed on Friday at $51.91.