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Fly News Breaks for August 9, 2019
Aug 9, 2019 | 08:21 EDT
Benchmark analyst Daniel Kurnos said potential excitement around a long-awaited spin announcement finally coming from IAC (IAC) was offset by a third straight miss for Angi Homeservices (ANGI) that came with a material cut to its forward outlook. He expects Angi shares "will remain in the penalty box near-term," making Match Group (MTCH) seem like the likeliest spinoff candidate following its own earnings "blowout," Kurnos tells investors. He raised his price target on IAC to $300 from $250 on an expansion of his Match multiple in his sum-of-the-parts analysis and believes IAC shares provide "perhaps the best short-term play on the spin catalyst." Kurnos keeps a Buy rating on IAC shares.
News For IAC;ANGI;MTCH From the Last 2 Days
Sep 18, 2019 | 15:02 EDT
Match Group (MTCH) announced the appointment of Thomas Gaissmaier as Chief Human Resources Officer, effective September 30. Gaissmaier will be based in New York and responsible for leading Match Group's global Human Resources functions, including talent efforts, company culture, diversity and inclusion strategy and integration across Match Group's growing international portfolio. Gaissmaier joins Match Group from 21st Century Fox (FOX), where he was the Executive Vice President and Chief Human Resources Officer in charge of global talent practices and was critical in the integration planning for its merger with the Walt Disney Company (DIS).
Sep 18, 2019 | 07:33 EDT
Cowen analyst John Blackledge explored the potential of IAC (IAC) spinning off its Match Group (MTCH) and Angi Homeservices (ANGI) stakes and he thinks it could occur around Q3 earnings and be effective mid to late next year. The analyst estimates IAC standalone will emerge with a $5B equity value and could unlock another $3B in value at current levels. Blackledge reiterated his Outperform rating and $315 price target on IAC shares.