IAC price target raised to $82 from $72 at KeyBanc

KeyBanc analyst Justin Patterson raised the firm’s price target on IAC (IAC) to $82 from $72 and keeps an Overweight rating on the shares. The firm notes IAC and Angi (ANGI) have been challenging stocks due to internal transformations amid a choppy macro. While the macro environment is not better, it is also not worse, and operational benefits appear to be manifesting through better execution at Dotdash Meredith, or DM, and Angi, KeyBanc adds. For DM, the firm sees improving AdTech and strength in the CPG and Healthcare verticals aiding profitability into the second half of the year and 2024. For Angi, it views efforts to improve traffic and service provider quality, coupled with consumers staying in homes longer, creating tailwinds for revenue and profitability improvement.