Wedbush starts coverage on IAC with "outperform" and Match with "neutral"

Master Chemicals

23/12/2019 12:54

** Brokerage Wedbush Securities starts coverage on digital
media company  IAC.O  and Tinder-owner Match Group  MTCH.O 
    ** Rates IAC "Outperform", citing strong growth prospects
after company dissolved its stake in MTCH
    ** MTCH will separate from its parent, IAC, by Q2 2020,
creating two separate public companies  urn:newsml:reuters.com:*:nPn7H94B5a
    ** Brokerage says IAC may add as much as $2.2 bln in cash
from the split; sets price target at $295 compared with median
PT of $285 - Refinitiv IBES data
    ** Wedbush says despite growth, company faces competition,
market saturation and legal battle with FTC; rates stock
"neutral"
    ** Adds MTCH's foray into APAC will add to risk and
competition; sets PT of $80 
    ** MTCH up 0.1% and IAC up ~1% premarket 
    ** Up to Friday's close, MTCH had gained ~87% and IAC was up
~34% this year

 (Reporting by Neha Malara in Bengaluru)
 ((Neha.Malara@thomsonreuters.com; within U.S.+1 646 223 8780;
outside U.S. +91 80 6749 0344;))