UPDATE: Oppenheimer Raises PT to $60 on IAC/InterActiveCorp

Oppenheimer lifts its price target $2 to $60 on IAC/InterActiveCorp

on strengthening momentum in mobile, local and video. Oppenheimer notes, "We believe IACI shares are poised to continue their outperformance based on strong traffic/search metrics, leverage to emerging trends in mobile, social, local and video; and attractive relative valuation. Ask.com appears to be trending up double-digits in 1Q. Online dating offers growth through mobile and untapped monetization opportunities. Crowded Room and Vimeo utilize emerging mobile and video platforms. Local assets continue to be undervalued. We view IACI shares as inexpensive, trading at 1.6x sales vs. 4.6x for its consumer Internet peers, with sales growth of 14% vs. peers at 27%." IACI closed at $48.82 a share on Thursday.