Piper downgrades IAC with asset configuration ‘not compelling’

Piper Sandler downgraded IAC (IAC) to Neutral from Overweight with a price target of $54, down from $68. The firm says that while it has a lot of respect for IAC management and its capital allocation skillset, the current asset configuration “is not compelling.” It adjusted estimates lower and waits to assess the implications of the Angi Inc. (ANGI) spin.