Jefferies analyst James Heaney assumed coverage of IAC (IAC) with a Buy rating and a price target of $60, down from $65. Q3 results were “mostly overshadowed” by IAC’s decision to spin off Angi Inc. (ANGI), which represents about 28% of IAC’s market cap, as IAC looks to free up capital for further value creation. With the value of IAC’s stub ex-Angi and MGM (MGM) “remaining near zero,” the firm views the spinoff as an opportunity to unlock shareholder value from growing profitable assets like Dotdash-Meredith, the analyst tells investors.
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