Citi raises its price target for Blinkx

Citigroup raises Blinkx (BLNX.LN) price target, almost doubling it to 100p from 55p. Citi cites strong search volumes, steady monetization and high online video CPMs [impressions per 1000 page view]. These, combined with favorable forex moves drive the target price increase. Citi says recent newsflow, including commentary on advertising from Google, the signing of new content deals and the creation of new distribution platforms reinforces Blinkx's value proposition and should drive growth/returns. Buy rating. Shares are +2.3% at 67p