IAC upgraded to Neutral from Sell at UBS

UBS analyst Kunal Madhukar upgraded IAC (IAC) to Neutral from Sell with a price target of $54, up from $46. The firm is incrementally more positive on Angi (ANGI) which represents 22% of the IAC shares, and the upgrade is also based on a higher valuation for DDM given multiples for digital ad names have expanded year-to-date, the analyst tells investors in a research note. UBS thinks a Turo IPO could potentially "unlock" value in the range of $7.50-$11.50 per IAC share, but the impact to IAC shares would depend on several factors, all of which remain unclear.