UPDATE: Benchmark Reiterates Buy on InterActiveCorp, $59 PT

Benchmark reiterated a Buy rating on InterActiveCorp

and a price target of $59. Benchmark noted, “We anticipate IAC will report strong 2Q12 results tomorrow morning, July 25. Our estimates are above consensus as we believe momentum within Search and Match is sustainable. IAC trades below peers despite growing EBITDA above 30% y/y the last two years. We reiterate our Buy rating ahead of the quarterly results.” InterActiveCorp closed at $48.15 on Monday.