Canaccord Genuity Starts IAC/InterActiveCorp (IACI) at Buy; Steady Growth, Returning Capital

Canaccord Genuity initiates coverage on IAC/InterActiveCorp (NASDAQ: IACI) with a Buy. PT $55.00.

Canaccord analyst, Michael Graham, said, "Amidst a shaky macro and a field of companies with more volatile earnings streams, we believe IAC offers a combination of steady growth and reasonable value. This, coupled with the likelihood of further capital returns to shareholders, leads us to a BUY rating."

"Next to projected earnings growth in the 20-30% range, IAC’s 17x P/E on our 2012 estimate and 9% free cash flow yield look appealing. Our price target of $55 is based on 20x our 2013 pro forma EPS estimate of $3.43, discounted to present value."

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 $43.41 yesterday.

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