Rambler Media revealed the timing for its new strategy, announced in February. Kommersant writes. In the next 2-3 weeks the company is to launch its structured search engine; its online video service with content search is scheduled for May; and the redesign of the Rambler homepage and a promotion campaign are expected in 3Q08. Our view: Overall the timetable is in line with the plans announced earlier this year - the company wanted to complete key initiatives in 1H08. We welcome the fact that upgrading the search engine is management’s top priority and first in the schedule - the company has lost market share to Yandex and Google in online search recently, and search remains the primary user activity on the web, generating the most traffic. We assume that the redesign of the homepage was postponed to 3Q08 because summer months are seasonally weak in terms of online activity; the company would want to announce the change in portal design to the widest audience.

Conclusion: The plans support our view that the new management strategy is likely to pay off beginning in 2H08. We reiterate our Buy recommendation on Rambler and 12-month target price of $46.4.