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

Benchmark Capital is raising its price target on shares of IAC/InterActiveCorp IACI after it reported earnings. It's going to $36 from $34, and it has a Hold rating on shares. In a note to investors, Benchmark writes, "IAC surprised the street again with 22% y/y revenue growth driven by strong results in its search segment, due primarily to toolbars. IAC has maintained high growth over the past five quarters, but we are somewhat concerned that toolbars are susceptible to volatility. We raise our estimates and price target from $34 to $36 per share, using 7x 2011E EBITDA. Our rating is Hold." At last check, shares of IACI were up $1.80 to $33.68, a gain of 5.65% on 2 million shares.