Perion Network climbs on Benchmark PT hike

Shares of Perion Network (PERI +5.8%) climb after Benchmark hikes its PT to $19 from $16 and reiterates a Buy rating.

The firm is bullish on Perion's reverse merger with Conduit's toolbar unit: "We view the transaction as a significant positive for Perion, giving the company instant scale at a sub-market purchase multiple of 5.5x 2014E EV/EBITDA assuming what we believe is a conservative outlook for Conduit, including no benefit from cost synergies or leverage from existing distribution relationships."

SA contributor Igor Novgorodtsev believes the merger will capitalize on business synergies and complementary business models.

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