UPDATE: Benchmark Raising Its Price Target On IAC/InterActiveCorp (IACI)

Benchmark Capital is raising its price target on shares of IAC/InterActiveCorp (NASDAQ: IACI) to $34 from $31, but remains the rating at Hold.

In a note to clients, Benchmark writes, "IAC's operational performance has improved steadily. IAC is likely to make further progress due to the operational focus of new CEO Greg Blatt which could help Service Magic (SM). Losses from developing properties should also recede. We view IAC as possessing solid but not compelling assets and operating momentum. We lift our price target from $31 to $34 per share. Our rating remains Hold."

Shares of IACI lost 2 cents yesterday to close at $30.60, a loss of 0.07%.