In a report released yesterday, Jason Helfstein from Oppenheimer maintained a Buy rating on IAC/InterActiveCorp (IAC), with a price target of $280. The company’s shares closed on Friday at $215.96, close to its 52-week high of $223.54.
Helfstein observed:
“Raising target to $280 from $275 and maintaining our Outperform rating on robust 4Q results across most business lines. Dotdash revenue up 44% y/y in ‘18E, while Vimeo +54% with “no true competition,” according to mgmt. MTCH reported continued growth in Tinder Gold, guiding FY19 subs +1M y/y and record a là carte revenue. Furthermore, MTCH purchased remaining shares of Hinge (U.S./U.K. downloads 4x/10x y/y). Although ANGI marketplace service pros slowed to +18% y/y vs. +22% in prior quarters, revenue/SP +15% y/y, the highest rate in 2018, representing the quality of the matching platform. IAC generated $900M in free cash flow in FY18 and mgmt expects to generate close to ~$1B in 2019. A capital move (M&A vs. buybacks) might be timely.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 17.0% and a 63.1% success rate. Helfstein covers the Technology sector, focusing on stocks such as ANGI Homeservices Inc, Spotify Technology SA, and Match Group Inc.
Currently, the analyst consensus on IAC/InterActiveCorp is a Strong Buy with an average price target of $241.73, representing an 11.9% upside. In a report issued on January 28, Barclays also maintained a Buy rating on the stock with a $242 price target.
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The company has a one-year high of $223.54 and a one-year low of $128.80. Currently, IAC/InterActiveCorp has an average volume of 850.4K.
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IAC/InterActiveCorp. engages in the provision of media and Internet services. It operates through the following business segments: Match Group, ANGI Homeservices, Video, Applications, Publishing, and Other. The Match Group segment provides dating products, operating a portfolio of several brands, including Match, Tinder, PlentyOfFish, and OkCupid.
