Benchmark analyst Daniel Kurnos reiterated a Buy rating on IAC/InterActive with a $260 price target.
IAC/InterActiveCorp’s earnings beat was headlined by upside to every core vertical, despite some concerns surrounding ANGI Homeservices Inc (NASDAQ: ANGI), Kurnos said in a Monday note.
The analyst said he continues to see IAC as a core long-term holding.
“We continue to view ANGI as on the same trajectory as Match, and although we share some of the same initial concerns around home diversification, we still see a lengthy runway for the core marketplaces business."
IAC's quarter was also driven by 28-percent year-over-year growth at Vimeo and 32-percent growth at Dotdash. Kurnos said he expects ANGI to record 25-percent revenue growth in FY19.
While Benchmarke reduced its FY19 revenue target to reflect recent asset sales, the analyst said he see significant opportunity for share gains from the largest players in each vertical.
Yelp Inc (NYSE: YELP) shares were also moving higher on Monday, as traders circulate rumors that IAC is interested in buying the company.
IAC/InterActiveCorp shares were up 2.12 percent at $220.53 at the time of publication Monday.
Tinder Lights A Fire Under Match Group, Now Accounts For Half Of Paid Subscribers
Tinder Transformed Online Dating, But High Expectations Are Priced In, Says Wells Fargo
Photo courtesy of Tinder.
Latest Ratings for IAC
|Feb 2019||Credit Suisse||Maintains||Outperform||Outperform|
|Feb 2019||BMO Capital||Maintains||Outperform||Outperform|
View More Analyst Ratings for IAC
View the Latest Analyst Ratings
See more from Benzinga
- Nike's 'Tanjun' Was The Bestselling Shoe Of 2018; Mid-Market Footwear Dominates Top 10
- Mattel Shares Racing Higher After Big Earnings Beat
- Guess Headed For North American Inflection, Jefferies Says In Upgrade
© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.