IAC (NASDAQ:IAC) receives a stock rating upgrade from UBS Group

2 min read | October 30, 2024 04:37 AM PDT | By Team Kalkine Media

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IAC (NASDAQ:IAC) receives a stock rating upgrade from UBS Group — Image source: Shutterstock

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Highlights

UBS Group upgraded IAC to a "hold" rating, reflecting a shift in analyst sentiment amid recent performance.

The company's latest earnings report showed a miss in EPS and a decline in revenue year-over-year, prompting mixed reactions from analysts.

Institutional ownership in IAC remains strong, with significant increases in holdings from various institutional investors.

IAC (NASDAQ:IAC) has recently been upgraded by UBS Group to a "hold" rating, signaling a change in outlook amid a complex market environment. This decision comes as several other brokerages have also weighed in on the stock, with JMP Securities initiating coverage with an "outperform" rating and a price objective set at $78. Citigroup lowered its price target from $70 to $66 while maintaining a "buy" rating. Meanwhile, Truist Financial raised its price target slightly, emphasizing a continued positive view on the stock.

In its latest earnings report, IAC reported a loss of earnings per share that fell short of analyst expectations, with a significant year-over-year decline in revenue. The company's revenue for the quarter was reported at $949.5 million, which was above analyst estimates but still represented a 14.6% decrease compared to the previous year. This performance has resulted in a mix of ratings from analysts, with a consensus rating of "Moderate Buy" and an average price target of approximately $76.40.

Institutional interest in IAC remains robust, with hedge funds and institutional investors holding about 88.9% of the company's stock. Notable increases in holdings were reported from firms such as Thompson Siegel & Walmsley and Principal Financial Group, reflecting confidence in the company's long-term prospects despite recent challenges.

Overall, IAC operates as a media and internet company, providing original digital content across various sectors. As the company navigates fluctuating market conditions, analyst ratings and institutional support will play a critical role in its ongoing performance and strategy.

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