IAC price target raised to $42 from $39 at UBS

UBS raised the firm’s price target on IAC (IAC) to $42 from $39 and keeps a Neutral rating on the shares. Despite a 5% year over year decline in sessions from reduced Google traffic, People delivered 14% y/y digital revenue growth driven by licensing and performance advertising, with traffic headwinds expected to ease through 2026, the analyst tells investors in a research note. IAC’s valuation is effectively driven by People’s EBITDA and its MGM stake, which now worth about 76% of market cap, making MGM performance and asset monetization catalysts key to investor interest, the firm adds.