The Benchmark Company Realigns Estimates for IAC/InterActiveCorp Under New Segmentation

In a report published Tuesday, The Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating and $77.00 price target on IAC/InterActiveCorp IACI. In the report, The Benchmark Company noted, “Shares of IAC (IACI-Buy, PT $77) have finally succumbed to the broader momentum selling trends plaguing our Search universe ahead of earnings on Wednesday morning. We believe this pullback offers an intriguing entry point as shares have nearly retraced to pre-Match spin speculation levels. We conservatively believe shares of IAC could be worth ~$80 assigning a 6x multiple to Search and only a 12x multiple to Match. However, we believe the recent segment realignment further supports our belief that a Match spin is unlikely to occur near-term.” IAC/InterActiveCorp closed on Monday at $64.28.