JPMorgan resumes IAC with an Overweight, adds ‘Positive Catalyst Watch’

JPMorgan analyst Cory Carpenter resumed coverage of IAC (IAC) with an Overweight rating and $60 price target following a period of restriction and is also placing the stock on “Positive Catalyst Watch” into the Angi Inc. (ANGI) spin on March 31. IAC shares are currently trading near the value of the company’s equity stakes in MGM Resorts (MGM) and Angi and cash, which means investors “essentially receive all of its portfolio companies that we value at ~$1.5B for free,” the analyst tells investors.