IAC/InterActiveCorp IAC shares are moving higher after the company posted a fourth-quarter earnings beat last week driven by strong results from Match Group Inc MTCH.
Benchmark analyst Daniel Kurnos reiterated a Buy rating on IAC/InterActive with a $260 price target.
IAC/InterActiveCorp’s earnings beat was headlined by upside to every core vertical, despite some concerns surrounding ANGI Homeservices Inc ANGI, Kurnos said in a Monday note.
The analyst said he continues to see IAC as a core long-term holding.
“We continue to view ANGI as on the same trajectory as Match, and although we share some of the same initial concerns around home diversification, we still see a lengthy runway for the core marketplaces business."
While Benchmarke reduced its FY19 revenue target to reflect recent asset sales, the analyst said he see significant opportunity for share gains from the largest players in each vertical.
Yelp Inc YELP shares were also moving higher on Monday, as traders circulate rumors that IAC is interested in buying the company.
IAC/InterActiveCorp shares were up 2.12 percent at $220.53 at the time of publication Monday.
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