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 "undervalued 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 value 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 value assigned to the core IAC business, BMO analyst Daniel Salmon (outperform) writes, "we like the value 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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