IAC/InterActiveCorp (IAC) PT Raised to $51 at KeyBanc

KeyBanc analyst Justin Patterson raised the price target on IAC/InterActiveCorp (NASDAQ: IAC) to $51.00 (from $41.00) while maintaining an Overweight rating.

The analyst commented: "Spring Model Clean-Up Post Care Sale; IAC continues executing on its business simplification efforts, and the sale of Care.com reinforces there should be a positive value for the stub. While we have lowered our People forecast to reflect a more conservative ad market forecast, we still see upside from these levels from shareholder returns. We maintain our OW rating and raise our PT to $51 (10.6x 2027E EV/EBITDA) to reflect a higher cash position."

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