IAC price target raised to $59 from $56 at Goldman Sachs

Goldman Sachs raised the firm’s price target on IAC (IAC) to $59 from $56 and keeps a Buy rating on the shares. IAC’s Q1 update and management discussion highlighted a restructuring around People Inc. and its MGM (MGM) stake, ongoing growth in digital revenue driven by off-platform audiences and non-session monetization, continued search traffic headwinds offset by margin expansion in the digital business, and active portfolio rationalization through asset sales and segment closures alongside capital returns and potential increased MGM exposure, with the full financial impact of the reorganization expected to phase in by 1Q27 and additional uncertainty from ongoing litigation against Alphabet (GOOGL), the analyst tells investors in a research note.