UPDATE: Benchmark Raises Target to $18 on AOL

Benchmark maintains its Hold rating on AOL AOL and raises its price target by $2 to $18 a share on greater stability reflected in fourth quarter results. Benchmark says, " AOL reported 4Q11 results reflecting greater stability. Display revenue grew 4% y/y organically, as expected. Cost controls drove better-than-forecasted EBITDA and AOL maintained its EBITDA outlook for the second quarter in a row. The subscription business outperformed expectations, slowing its decline and lifting our valuation slightly." AOL closed at $17.76 a share yesterday.