IAC Gains as Analyst Cites Vimeo Interest for Price Target Bump By Investing.com

© Reuters.

By Dhirendra Tripathi

Investing.com – IAC (NASDAQ:) rose more than 2% in Wednesday’s trade after Cowen analyst John Blackledge raised his price target, citing interest in video hosting and sharing platform Vimeo.

Blackledge’s new price target is $300, up from $265 earlier. The target is nearly 15% higher than the stock’s current price.

On March 25, analysts at Jefferies (NYSE:) and Wells Fargo (NYSE:) stuck to their buy ratings on the stock. Jefferies has a target of $275 for the stock while the latter has pegged it at $280.

Last December, as a standalone company with the process expected to close in the second quarter of this year. Vimeo raised fresh funding this January to take its pre-money valuation to $5.7 billion.

“We believe the actual valuation should be closer to ~$10.8 billion. After scrutinizing Vimeo’s disclosures at their March 24 analyst day, we conducted a proprietary survey of corporate customers that found a market far larger than expected; growing faster than most investors probably appreciate; with pricing upside that provides a significant tailwind,” Blackledge wrote in his note.

Vimeo has set up an 11-member board to oversee the spinoff.


Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button