Online properties operator IAC/InterActiveCorp (IACI) on Monday caught a big upgrade from analysts at Needham & Co.
The firm boosted its rating on IACI from “Hold” to “Buy” with a $65 price target, suggesting a 25% upside to the stock’s Friday closing price of $52.06.
The firm commented, “We are upgrading IAC to a BUY rating from HOLD given the strength of its Search Application growth, which should propel Search revenue and profitability ahead of expectations. Additionally, we believe the turnaround of Meetic is progressing and incremental marketing spend could accelerate IAC’s Online Personals revenue ahead of expectations in 2013.”
IAC/InterActiveCorp shares were mostly flat in premarket trading Monday.
The Bottom Line
Shares of IAC/Interactive (IACI) have a 1.84% dividend yield, based on Friday’s closing stock price of $52.06. The stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $54-$57 price levels.
IAC/InterActiveCorp (IACI) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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