IAC price target lowered to $60 from $63 at Benchmark

Benchmark analyst Daniel Kurnos lowered the firm’s price target on IAC (IAC) to $60 from $63 and keeps a Buy rating on the shares. It was “the perfect storm for IAC” in Q2 as the Meredith acquisition skeptics “got a real data point to cling to” and “the buyback crowd who got excited last quarter got a reason to exit and go back to the sidelines,” but the firm sees “a good trade to the long side now that we are past the print.” While all the variables make it “hard to pound the table,” the analyst adds that a resumption of repurchases and “the current trading valuation alone make for a fairly upwardly skewed risk/reward profile.”