Fly News Breaks for August 9, 2019
IAC, ANGI, MTCH
Aug 9, 2019 | 06:49 EDT
Guggenheim analyst Jake Fuller upgraded IAC (IAC) to Buy from Neutral with a $300 price target. The analyst sees ongoing improvement in the visibility of the company's sum-of-the-parts story. IAC plans to consider the spin-off of Angi Homeservices (ANGI) and Match Group (MTCH), which could be the "key to closing the long-standing valuation disconnect," Fuller tells investors in a research note. He believes the market has either assigned little value to IAC's wholly-owned assets or heavily discounted the market value of its stakes. Either way, spin-offs could unlock that value, says the analyst.
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