Wedbush analyst Ygal Arounian lowered his price target for IAC (IAC) to $283 from $295 after the company reported mixed Q4 results with 2020 EBITDA guidance below consensus across all the "stub" businesses. However, the analyst continues to view the investment case on IAC as the rebuild of assets. IAC is "clearly" taking the opportunity as it nears the Match Group (MTCH) spin to step up the investments into the other pieces of the business, which he believes is a "smart strategy" as the stub still trades at a negative EV, despite getting closer to the Match spin. Arounian has an Outperform rating on IAC shares.