Text size The IAC Building in New York City. Leungphotography/Dreamstime It’s time to take a fresh look at IAC. In 2020, the Barry Diller-founded internet holding company’s shares soared 125%, as investors ratcheted up their expectations for Vimeo, a provider of video- creation tools that was headed for a spinoff. IAC (ticker: IAC) distributed all of its Vimeo (VMEO) shares to holders in May, the latest in a long line of IAC spinoffs that includes Match Group (MTCH), Expedia Group (EXPE), LendingTree (TREE), Live Nation Entertainment (LYV), and Angi (ANGI), among others. With the Vimeo transaction completed, IAC is back in business-building and investment mode. BMO Capital Markets analyst Daniel Salmon wrote in a research note Wednesday that he thinks the stock offers an opportunity, raising his rating to Outperform from Market Perform, with a price target of $170, about 25% above the current level. Salmon gets to his target price with a sum-of-the-parts approach. IAC still has a majority stake in Angi, a marketplace for home-repair services, worth an estimated $7.2 billion. The company also has a substantial stake in the casino gaming company MGM, valued at roughly $2.3 billion. Salmon thinks IAC’s DotDash web content business, which includes…
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IAC Stock Is Gaining. Analyst Sees Upside and More Spinoffs
