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U.S. Equity Research News
Salmon Downgrades Sector Rating on Marketing Services to MARKET PERFORM; Downgrades ValueClick (VCLK) to MARKET PERFORM
December 22, 2008
Dan Salmon, research analyst on our Media & Entertainment Equity Research team, has today downgraded his rating on the Marketing Services Sector to MARKET PERFORM from OUTPERFORM. In addition, he has today made the following rating change:
- ValueClick (VCLK) downgraded to MARKET PERFORM from OUTPERFORM
From Salmon's note: "Although most Marketing Services companies have secular tailwinds at their backs and the group remains amongst the more defensive corners of the Media universe, they still derive their revenue from corporate/SMB marketing budgets, which are cyclical by nature. Despite historically low valuations and certain company models that should hold up despite poor economic trends (e.g., Omniture), forced redemptions are overwhelming fundamentals."
For more information or to receive a full copy of the reports, please contact your BMO Capital Markets representative.
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