IAC (IAC): Takeaways from Management Meetins - Susquehanna
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Susquehanna analyst, Shyam Patel, reiterated his Positive rating on IAC/InterActiveCorp (NASDAQ: IAC) after meeting with the management team. The analyst believes that Home Advisor is in the early stages of realizing the benefits of scale and should continue to show strong margin expansion into the mid-20% range over time. While the majority of the business is domestic, international is also an important area of focus and is being run by former IAC CFO Jeff Kip. The TAM for Europe is likely similar to North America. In terms of unlocking value, also it’s still too early for the company to pursue asset monetization.
The analyst stated "We believe 2Q was the trough for Publishing EBITDA and expect the business to return to profitability in 4Q. Meanwhile, we expect Applications to stabilize in 2H with quarterly EBITDA in the $25-30m range vs. ~$30m/quarter for 1H16".
No change to the price target of $74.00
Shares of IAC/InterActiveCorp closed at $60.38 yesterday.
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Related EntitiesSusquehanna International Group of Companies
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