Topeka Maintains Buy Rating On IAC As Aereo Violates Copyright Laws
In a research note released yesterday, Topeka Capital analyst Victor Anthony maintained a Buy rating on IAC/InterActiveCorp (IACI) and a price target of $98 following the decision of the U.S. Supreme Court to reverse a lower court’s decision, and ruled that Aereo violated the copyrights of the U.S. broadcasters.
Anthony noted, “We continue to believe that IAC is looking to spin-off Match Group late this year or early 2015. Optionality tied to monetization of undervalued assets such as Tinder is meaningful. At the company’s current EV of $5.9B, when factoring our $4.7B EV for Match Group, investors are getting non-Match assets worth in excess of $4B, for just ~$1B”.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Victor Anthony currently has an average return of 19.7% and a 70% success rate. Anthony has a 4.6% average profit recommending IACI, he is ranked #78 out of 3133 analysts.