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NEW YORK Wall Street continues to turn more bearish on the outlook for U.S. advertising growth.
Amid weak ad trends reported by most media and entertainment giants in the latest quarter, UBS analyst Michael Morris on Thursday lowered his 2008 and 2009 domestic ad revenue growth estimates for the large entertainment companies to 2.9 percent and 0.7 percent from 4.1 percent and 2.5 percent, respectively. He also lowered his 12-month price targets on Disney, as well as News Corp.
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