IAC price target lowered to $70 from $125 at Barclays

Barclays analyst Ross Sandler lowered the firm’s price target on IAC to $70 from $125 and keeps an Overweight rating on the shares. The company reported revenue and EBITDA 1% and 17% below consensus, respectively, and lowered the outlook for the dividend discount model again, Sandler tells investors in a research note. The DDM step-down "is frustrating for all involved," but some of the "miss-and-lower can be chalked up to poor timing ahead of the digital ad market imploding," says the analyst. He believes IAC still offers a good risk/reward "for those willing to wait."