Match Dates May Not End Well, But They Helped IAC Hit a Record

(Bloomberg) -- IAC/InterActiveCorp rose 7 percent to the highest ever after earnings beat and a slew of bullish notes followed. Match, also at a record high, and ANGI helped push results higher.

• Oppenheimer analyst Jason Helfstein (outperform, PT $248 from $200) says IAC has an "underd portfolio"
  • IAC operates a portfolio of internet assets including Vimeo, ANGI Homeservices and Match Group’s online dating portfolio
• The company reported a ’blow out quarter,’ writes Benchmark analyst Daniel L. Kurnos (buy) raising price target to $204 from $182
  • "A some point core IAC will unlock the now over $3 billion in negative equity between Video, which we think is worth at least $1 billion, and Search, where we have been one of the few voices consistently calling for a return to Publishing growth in 2019, meriting at least some multiple expansion"
• Regarding the negative assigned to the core IAC business, BMO analyst Daniel Salmon (outperform) writes, "we like the opportunity here and prefer IAC followed by MTCH and ANGI" in a note raising price target to $250 from $216
• IAC subsidiaries ANGI and MTCH also reported earnings this week
  • MTCH and ANGI up as much as 5 percent to the most ever and 7.5 percent to a four-year high, respectively
• Shares of IAC are up 57 percent YTD 
• NOTE: Aug. 8, IAC/InterActiveCorp Adj. Ebitda, Rev. Soars Above Highest Ests.

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