RBC Capital Cuts Price target on IAC/InterActive (IACI) Following 3Q Results
RBC Capital reiterated a Sector Perform rating on IAC/InterActiveCorp (NASDAQ: IACI), and cut the price target to $70.00 (from $83.00), following the company's 3Q earnings results. Revenue of $839MM, up 7% Y/Y, exceeded Street expectations of $821MM.
Analyst Mark Mahaney commented, "IACI reported better than expected Q3 P&L results, though a surprisingly soft Search growth outlook and limp Paid Dating Sub Net Adds leave us incrementally more cautious. We are reducing estimates and taking our PT down from $83 to $70. Reiterate Sector Perform rating."
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 $64.57 yesterday.