IAC price target lowered to $39 from $44 at Piper Sandler

Piper Sandler lowered the firm’s price target on IAC (IAC) to $39 from $44 and keeps a Neutral rating on the shares. The firm notes IAC reported mixed results, with Q2 revenues 3% below PSC but EBITDA 11% better. Management remains optimistic and comments suggest resilience despite macro uncertainty. But total revenue is still declining year-over-year. IAC continues to look closely at M&A, and Piper is eager to see how this develops.