IAC price target lowered to $39 from $41 at UBS

UBS lowered the firm’s price target on IAC (IAC) to $39 from $41 and keeps a Neutral rating on the shares. IAC’s Q3 results were “messy,” with shortfalls in both People and Care.com, management is taking steps to protect shareholders with cost reductions, the analyst tells investors in a research note. With its MGM stake providing support, downside risk on IAC shares is likely limited from here, and UBS remains on the sidelines.