IAC price target lowered to $60 from $66 at KeyBanc

KeyBanc lowered the firm’s price target on IAC (IAC) to $60 from $66 and keeps an Overweight rating on the shares. The surprise from IAC’s earnings report is that the company is now considering spinning out its 85% ownership in Angi Inc. (ANGI) to IAC shareholders, the firm says. While Angi Inc. is not being spun out in a complete position of strength, KeyBanc does believe this should clean up IAC and provide more focus on Dotdash Meredith, Care.com, and ownership stakes in MGM and Turo.