Market Overview

UPDATE: Benchmark Company Reiterates on IAC/InterActiveCorp Ahead of 3Q13 Results Report

Share:
Related IACI
Why The Online Dating Business Is Going To Be Much Bigger Than Anyone Expects
Earnings Scheduled For July 28, 2015
Earnings Reports and Other Mid or Small Cap Content or Social Media Stock News (YELP, IACI, BCOR, MEET & SPYR) (Small Cap Network)

In a report published Tuesday, Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on IAC/InterActiveCorp (NASDAQ: IACI), and raised the price target from $63.00 to $66.00.

In the report, Benchmark Company noted, “InterActiveCorp (IACI-Buy, PT from $63 to $66) is set to report 3Q13 results today after the close. While we believe it is generally understood that 3Q is expected to be a trough for the affiliate search market, reflecting the timing of implementation of certain Google (GOOG-Not Rated) policy changes, soft CPC results and limited Network revenue growth could indicate incremental pressure on IAC's 3Q Search results. As an offset, however, Match growth is likely to accelerate through the balance of the year, which, combined with easier comparisons, is likely to drive accelerating OIBA growth as well. We are adjusting our estimates to reflect a slightly weaker 3Q and slightly stronger 4Q, leaving our full-year numbers essentially unchanged. We reiterate our belief that a valuation of 7x 2014E EV/EBITDA undervalues one of the two core assets, with IAC's ‘other' portfolio likely currently being attributed no value.”

IAC/InterActiveCorp closed on Monday at $57.02.

Latest Ratings for IACI

DateFirmActionFromTo
Jul 2015AxiomMaintainsBuy
Jun 2015Morgan StanleyUpgradesUnderweightEqual-weight
Jun 2015JefferiesMaintainsHold

View More Analyst Ratings for IACI
View the Latest Analyst Ratings

Posted-In: Benchmark Companym Daniel L. KurnosAnalyst Color Price Target Analyst Ratings

 

Related Articles (IACI)

Get Benzinga's Newsletters