Nomura/Instinet Starts IAC/InterActiveCorp (IAC) at Buy

Nomura/Instinet analyst Mark Kelley initiates coverage on IAC/InterActiveCorp (NASDAQ: IAC) with a Buy rating and a price target of $246.00.

The analyst commented, "With its Liberty roots, strategic acquisitions and spin-offs are part of the IAC DNA and are the basis for the value creation shareholders have benefited from throughout the company’s history. We expect this trend to continue, and believe there is still shareholder value creation to be had based on upside to Match Group (IAC owns 81% of MTCH), steady integration of the ANGI Homeservices brands (IAC owns 87% of ANGI), and the potential for Video to become the next segment that can deliver once it reaches scale. At current prices for MTCH and ANGI, IAC trades at a negative enterprise value of -$2.5bn, which indicates there is plenty of value to be unlocked going forward. We use a sum-of-the-parts analysis to derive our $246 target price, which includes a 15% liquidity discount."

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 $191.66 yesterday.

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