Citi Downgrades ValueClick (VCLK) from Buy to Hold
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Citi downgrades ValueClick (Nasdaq: VCLK) from Buy to Hold and removed the stock from Top Picks Live list. Price target lowered to $15.
Citi analyst says, "Bottom-line - VCLK pre-announced lower guidance citing macro weakness and a deteriorating competitive position. While Lead Generation revenue was flattish Q/Q, the Display & Comparison Shopping segments were weak. Against a deteriorating macro environment, online Display advertising is being materially impacted, much more so than performance based Search advertising. We believe VCLK is seeing Display ad weakness across almost all verticals."
ValueClick, Inc. is an online marketing services company. The Company sells targeted and measurable online advertising campaigns and programs for advertisers and advertising agency customers, generating qualified customer leads, online sales and brand recognition on their behalf with online consumers.
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