IAC price target lowered to $52 from $57 at Truist

Truist lowered the firm’s price target on IAC (IAC) to $52 from $57 and keeps a Buy rating on the shares. The company’s Q3 results and Q4 guide show that the management continues to make non-linear progress across its portfolio of assets, namely People Inc., Care, Search and E&O, as it tries to reposition the business for sustainable growth, the analyst tells investors in a research note. People’s performance reflects healthy growth in premium ads and performance marketing, offset by softness from lower programmatic ad growth, as the segment diversifies away from Google as a source of traffic, the firm added.