IAC/InterActiveCorp (IAC) PT Raised to $155 at Needham & Company; 'Still Undervalued Despite Modestly Lower FY18 EBITDA'
Needham & Company raised its price target on IAC/InterActiveCorp (NASDAQ: IAC) to $155.00 (from $150.00) while maintaining a Buy rating.
Analsyt Kerry Rice commented, "IAC reported strong 4Q17 results with revenue and EBITDA upside across all businesses. For FY18, EBITDA guidance was $845-940M, with the midpoint modestly below consensus of $900M, as upside in Match and Publishing was partially offset by Applications and Video. ANGI Homeservices FY18 EBITDA guidance is in-line. Given the strong Q4 revenue, we are increasing our FY18 revenue estimates. However, we are modestly reducing our FY EBITDA estimate given lower Applications and Video EBITDA estimates. Despite the lower EBITDA, our sum-of-theparts analysis continues to indicate that shares are currently under valued. Therefore, we maintain our BUY rating and raising our price target to $155."