UPDATE: Benchmark Company Reiterates Buy Rating, Raises PT on United Online on FTD Spin-Off Plan

In a report published Monday, Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on United Online

, and slightly raised the price target from $7.00 to $7.50. In the report, Kurnos noted, “United Online (UNTD-Buy, PT from $7 to $7.50) is set to spin off its primary growth asset, FTD, by the end of 3Q13. Based on our 2014 forecast, we believe FTD could begin trading somewhere between $5-$6 per share, with the remainder of United Online likely trading between $1-$2. United is also seeking to monetize its patent portfolio of approximately 75 patents and patent applications through a possible sale, license, or a combination of the two. While we ascribe only a nominal value to the patent portfolio, our sum of the parts valuation indicates that the two businesses plus the patent portfolio could be valued at a combined $7.50 per share.” United Online closed on Friday at $6.28.