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Lehman Cuts AOL Estimates

Lehman Brothers cut its estimates on AOL Time Warner (AOL).

Analyst Holly Becker says she has concerns about advertising in the AOL division. She says initially she hoped management was forecasting a "worst case scenario", that guidance would ultimately prove too conservtive. However, despite early signs of firming on a macro advertising front, AOL division advertising continues to face company-specific challenges. For the AOL division, Becker cut the Q1 revenue estimate to $2.3 billion (+1.9%), and trimmed the EBITDA to $449 million (-11.5%). Becker also cut the total company estimates to $9.4 billion in Q1 revenue and $2 billion EBITDA, along with trimming 2002 revenue to $41.4 billion and cutting EBITDA to $10 billion -- which is below the company's guidance. Becker kept her market perform rating.

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