IAC price target lowered to $105 from $110 at Benchmark

Benchmark lowered the firm’s price target on IAC (IAC) to $105 from $110 and keeps a Buy rating on the shares. Just looking at the fundamentals, the firm would argue that “a 25% drop in ANGI and a 10% drop in IAC (with Angi at most contributing 25% of the value)” does not make sense, but adds that “management clearly is not going to get the benefit of the doubt any time soon.” With the lingering “threat” of M&A still ongoing, IAC shares “may struggle to find a near-term catalyst,” the analyst tells investors in a post-earnings note.