Tech Stocks Could Keep Falling but IAC Stock Already Looks Like a Buy

With the


Nasdaq Composite


down more than 30% over the past 12 months, almost every tech stock is cheaper than a year ago, and there is temptation to bottom-fish. There’s a big difference between cheap and cheaper, though. With earnings estimates likely to sink further in the weeks ahead, multiples based on forward profit forecasts are probably understated. In other words, things are more expensive than they seem, and chances are that we haven’t hit the bear-market bottom.

But there are bargains to be had if you look hard enough and have a little patience. I would suggest that internet and media company


IAC


(ticker: IAC) is a textbook case of an undervalued stock that deserves more attention.