IAC/InterActiveCorp (IACI) Bullish Stance Reiterated at Cowen Amid PlentyOfFish Deal

Cowen analyst John Blackledge reiterated an Outperform rating and $90 price target on IAC/InterActiveCorp (NASDAQ: IACI) following news that Match announced the acquisition of Plenty of Fish for $575MM, expected to close in early 4Q15.

"The acquisition boosts Match's global Personals footprint and extends its market leading advantage, as Plenty of Fish is one of the largest global independent Personals companies," Blackledge said. "We estimate Match paid ~12.8x EV/EBITDA on '15 estimates (pre-synergies)."

The analyst notes Plenty of Fish is the #2 Personals company in the US in terms of traffic per comScore and a top grossing mobile app in several large countries, which increases Match’s Personals portfolio and global footprint.

"The acquisition creates an even more formidable global Personals company and will be the largest Personals deal in IAC/Match’s history...," the analyst added.

For an analyst ratings summary and ratings history on IAC/InterActiveCorp click here. For more ratings news on IAC/InterActiveCorp click here.

Shares of IAC/InterActiveCorp closed at $82.57 yesterday.

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