Shares of IAC/InterActiveCorp. are down 1% in premarket trading Friday after Guggenheim analyst Jake Fuller downgraded the stock to neutral from buy. “It is increasingly difficult for us to see Angi Homeservices Inc. /Match multiple expansion as a driver for IAC with both now trading close to the high end of our coverage list,” Fuller wrote. “Without underlying multiple expansion at Angi and Match, an IAC bull case would be reliant on a narrowing of the implied discount to the market value of those stakes.” He calculates that the implied discount would have to narrow to less than 13%, from 24% currently, which is below the historical average. “While we would ultimately expect the discount to narrow, that would likely require a catalyst and we do not see anything on the horizon,” he wrote. IAC shares have gained 86% over the past 12 months, as the S&P 500 has risen 17%.