Cowen Lowers Online Ad Outlook, But Remains Bullish On Search And Google

Weakness in display advertising caused online ad company ValueClick (NSDQ: VCLK) to warn investors last week that earnings in the second half of year would not be as high as expected. And now, with the poor Q2 earnings report from Yahoo (NSDQ: YHOO) this week, within the last several days has investment bank Cowen pulling back on its expectations for the online ad industry’s growth. In an emailed report, Cowen says it is lowering its estimate for U.S. online ad market growth to 16 percent year-over-year from its previous projection of 19 percent.

Pessimists and optimists: Cowen’s downward revision follows Magna

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