i was wondering if you have an image next to your tet link in a code like this: <a href="http://www.mysite.com/" target="_blank"> <img border="0" src="images/title.jpg" align="middle">my anchor text</a> will the pr value still get passed from the homepage?
Sure it will pass, as per your sample code your linking both the image with NO ALT tag and the text following it to the targeted site and once clicked will open it in a new window... However you can stop passing PR to the linked website by adding a simple tag called NoFollow: <a href="whateverdomain.blabla" rel="nofollow">Here you can type your anchor text and even add images..</a> Hope i was clear and helpful.
It will pass pr, but you'd want to add an alt tag with keywords to that image <a href="http://www.mysite.com/" target="_blank"> <img border="0" src="images/title.jpg" align="middle" alt="my other anchor text">my anchor text</a> the text link is stronger, so use the most important phrase there, but the image in the link can pass link juice for a phrase too by using the alt tag. You'd be wasting link power not using the alt tag, so - don't waste it - use it for a related phrase.