IAC price target lowered to $54 from $55 at UBS

UBS lowered the firm’s price target on IAC (IAC) to $54 from $55 and keeps a Neutral rating on the shares.Tthe most topical takeaway from the print was management’s outline of near-term disruptions in part driven by the Angi (ANGI) spin off which is expected to close around the end of Q1, which should mark a change in stance at IAC to play more offense after a two-year period of restructuring at both Angi and Dotdash Meredith, the analyst tells investors in a research note.