IAC (IAC): Notes From The Road - BMO
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BMO Capital analyst, Daniel Salmon, reiterated his Outperform rating on shares of IAC/InterActiveCorp (NASDAQ: IAC) after hosting investor meetings with the CEO and Director of Investor Relations. Key points include:
The analyst does not expect HomeAdvisor to make another bid for Angie’s List because its brand investments are paying off. He also expects the InstantConnect and InstantBooking features to become increasingly more important as Millennials become homeowners with different expectations for service professionals.
Management re-iterated a preference for balance sheet flexibility (meaning opportunistic not dogmatic share buybacks) and reminded investors asking about the MTCH stake that IAC has preferred tax-free spins rather than taxable share sales in the past.
No change to the price target of $75.
Shares of IAC/InterActiveCorp closed at $57.79 yesterday.
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