UPDATE: Benchmark Maintains Buy, Raises PT to $14 on InfoSpace

Benchmark reiterates its Buy rating on InfoSpace INSP and raises its target price to $14 from $11 to reflect the company's planned transformative, accretive acquisition. Benchmark says, "InfoSpace is making a major acquisition that is extremely accretive to EPS and FCF. The purchase of TaxACT for $288 million in cash should close this quarter. TaxACT is profitable, stable, Internet-based, and growing. InfoSpace unlocks value from its $800 million of tax assets with this deal. InfoSpace will not likely pay federal cash taxes for many year. ... TaxACT is the distant second player in the online tax preparation market and is considered a value provider. TaxACT offers a range of online tax preparation services, from a free starter edition to a business level version." INSP closed at $10.99 per share on Monday.