IAC down after Piper Sandler downgrades to 'neutral'

People Incorporated

10/12/2024 12:49

** Shares of media and internet company IAC  IAC.O  down
1.2% at $47.83 premarket
    ** Brokerage Piper Sandler downgrades stock to "neutral"
from "overweight"
    ** Brokerage says they are yet to see enough positive data
points on the turnaround of co's Dotdash Meredith business,
which owns brands including Investopedia, to keep co
constructive on it alone
    ** Also, says home services co Angi  ANGI.O , in which IAC
owns a majority stake and plans to spin off, "remains
challenged", as revenue has dropped for seven quarters as demand
for its services waned 
    ** Also, says that while the spin-out could simplify co's
asset base, they worry the majority of RemainCo is not a
compelling asset to own; lowers PT on IAC stock to $54 from $68
    ** Ten of 13 brokerages rate the stock "buy" or higher, and
three "hold"; with a median PT of $63.50
    ** Up to Monday's close, stock has fallen 7.6% YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com;))