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plfminthemiddle

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plfminthemiddle

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Wednesday, 01/16/2013 5:04:13 AM

Wednesday, January 16, 2013 5:04:13 AM

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0732 GMT [Dow Jones] Citigroup raises blinkx (BLNX.LN) to buy from neutral. Says 1H results gave comfort both on the operational key performance indicators for the group and underlying growth trends. Believes 2H guidance is conservatively set and notes indications are that online video ad trends remain robust. Notes two areas of concern in 1H were vacuum of newsflow and richer valuation, the latter of which it says is no longer really relevant. Notes blinkx trades at 17.0x CY2013E P/E and 11.3x CY2013E EV/EBITDA, at a discount to the European Internet peer group (18.9x / 12.4x respectively). Maintains a 90p target. Shares closed at 64p Monday
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