IAC downgraded to Hold from Buy at Jefferies

Jefferies downgraded IAC (IAC) to Hold from Buy with an unchanged price target of $44 following the Q1 report. The firm says IAC’s lack of new acquisitions limits excitement in its long-term growth potential. Jefferies also no longer view MGM’s stock appreciation as a catalyst for IAC. Further, the expected simplification of the IAC portfolio will create high dependence on the core people business, which has limited near-term catalysts, the analyst tells investors in a research note.