Barclays Reiterates an 'Overweight' on IAC/InterActiveCorp (IACI); Search and Meetic Drive 3Q11 Beat

Barclays reiterates an 'Overweight' on IAC/InterActiveCorp (NASDAQ: IACI) price target�raised from $55 to�$58.00.

Barclays analyst says, "We're updating our estimates for the stronger-than-expected 3Q11 report as well as to refine our Meetic forecasts. Our 4Q11 revenues and OIBA increase to $571MM and $86MM, while our CY12 revenues and OIBA estimates increase to $2.42BN and $455MM, respectively. We're raising our price target to $58 on our higher estimates and a slightly higher multiple (9x adj. EBITDA vs. 8x adj. EBITDA given recent performance from the comp group). In short, 1) the stronger-than-expected 3Q11 report supports our view that IACI is a top-quality name with a diversified portfolio of consumer Internet properties, including a leadership position in online personals, and a solid position in search, while, 2) continued share repurchases and the announcement of a quarterly dividend support our view that the company is committed to returning capital to shareholders."

For more ratings news on IAC/InterActiveCorp click here and for the rating history of IAC/InterActiveCorp click here.

Shares of IAC/InterActiveCorp closed at $41.56 yesterday.

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