IAC price target raised to $48 from $39 at Piper Sandler

Piper Sandler analyst Thomas Champion raised the firm’s price target on IAC (IAC) to $48 from $39 and keeps a Neutral rating on the shares. The firm notes Q1 results beat its estimates for People EBITDA, which is the core go-forward business following the Care.com divestiture and Search discontinuation. The business will soon be renamed People Inc. As the business simplifies, capital allocation priorities remain share buybacks and MGM, though visibility to near-term upside from MGM remains low, adds Piper. The firm believes Google (GOOGL) litigation could be a tailwind, but also with little visibility.