IAC/InterActiveCorp upgraded at Stifel on share buyback potential
IAC/InterActiveCorp was upgraded to buy from hold at Stifel on the belief that the company is entering another period of share repurchases. The bank has a price target of $52. Analysts said in a Friday note that the greatest returns at the company were between 2009 and 2012 when the company repurchased almost half of its outstanding shares. IAC is also looking at acquisition opportunities. Since the offer for Angie's List was rejected and the stock price turned down after, analysts say buybacks are a priority. IAC shares are inactive in premarket trading, but down 37.2% for the past 12 months. The S&P 500 is down 12.4% for the past year.
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