IAC up after J.P. Morgan resumes coverage

Shares of media and internet company IAC IAC.O rise 1.3% to $49.16 in premarket trading

Brokerage J.P. Morgan resumes coverage with "overweight" rating; sets PT at $60

PT represents a 23.6% upside to stock's last close

"The ANGI (spinoff) — IAC's first in 4 years — is likely to unlock portfolio value by simplifying the story and removing a business that has been an overhang on shares for years," says brokerage

Adds that shares currently trade near the value of co's equity stakes in MGM/ANGI and cash and represent a $1.5 bln discount based on the rest of co's portfolio

Ten of 13 brokerages rate stock "buy" or higher, and 3 "hold"; median PT is $62.5 - data compiled by LSEG

Stock up ~12.5% YTD, as of last close; it fell ~17.6% in 2024