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IACI: UBS Downgrades On Valuation; Sees Further Buybacks

UBS analysts Brian Fitzgerald and Brian Pitz late Sunday downgraded IAC/Interactive (IACI) shares to Neutral from Buy, asserting that the Internet conglomerate’s shares appear fairly valued at current levels. They note that the stock is up 34% since July.

The UBS analysts contend that the stock likely already reflects continued aggressive stock repurchases by IACI. On the other hand, they write that the company in fact is likely to “continue opportunistically repurchasing shares on any market-related weakness and see limited downside from these levels.”
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