IAC price target lowered to $41 from $45 at KeyBanc

KeyBanc analyst Justin Patterson lowered the firm’s price target on IAC (IAC) to $41 from $45 due to lower EBITDA growth, while keeping an Overweight rating on the shares. For many of its SMID-cap coverage names, the firm expects that debates on generative-AI and macro will be key themes for Q3 earnings. For IAC, KeyBanc is watching for signs on how the People business is managing more off-platform viewing.