UPDATE: Canaccord Genuity Downgrades IAC/InterActiveCorp on More Balanced Risk/Reward

In a report published Monday, Canaccord Genuity analyst Michael Graham downgraded the rating on IAC/InterActiveCorp (NASDAQ: IACI ) from Buy to Hold, but reiterated $56.00 price target. In the report, Canaccord Genuity noted, “We are trimming our estimates for Q3 and Q4/13 and lowering our rating from BUY to Hold.