BUZZ-IAC down after Piper Sandler downgrades to 'neutral'

Reuters12-10
BUZZ-IAC down after Piper Sandler downgrades to 'neutral'

** Shares of media and internet company IAC IAC.O down 1.2% at $47.83 premarket

** Brokerage Piper Sandler downgrades stock to "neutral" from "overweight"

** Brokerage says they are yet to see enough positive data points on the turnaround of co's Dotdash Meredith business, which owns brands including Investopedia, to keep co constructive on it alone

** Also, says home services co Angi ANGI.O, in which IAC owns a majority stake and plans to spin off, "remains challenged", as revenue has dropped for seven quarters as demand for its services waned

** Also, says that while the spin-out could simplify co's asset base, they worry the majority of RemainCo is not a compelling asset to own; lowers PT on IAC stock to $54 from $68

** Ten of 13 brokerages rate the stock "buy" or higher, and three "hold"; with a median PT of $63.50

** Up to Monday's close, stock has fallen 7.6% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

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