During a fireside chat at a Citigroup Inc. conference on Wednesday, CNet chief executive Neil Ashe described a company that had overcome a number of challenges, is looking into new market opportunities and had generally a bright future. He made little mention of Jana's growing stake in the company, which now stands at 10.6%, nor of the escalating war or words between CNet, which has accused the hedge fund of trying to gain control at an unfair price, and Jana, which says it is being misrepresented.

Citi has set a $10 target on CNet shares, figuring a 12 times multiple to its 2009 Ebitda estimate of 70 cents per share. Key investment strengths, according to the bank, are: 1) Strong secular growth of online advertising; 2) Broadening advertiser base; 3) Business model leverage; 4) Online category leadership; and 5) Potential acquisition candidacy. Key risks include: 1) Significant competition from other Internet companies, including Yahoo! Inc. and user-generated content sites; 2) Limited international presence; and 3) Roll-up risks. - Andrea Orr