Kevin Sullivan, advertising analyst at Lehman Brothers, New York, revised his 2002 spending forecast to project growth of 1.4%, up from 0.6% growth. He attributed to improvement mainly to better broadcast ad sales.
He upgraded broadcast
Mr. Sullivan also cut back his forecasts for newspapers (drops 1% instead of remaining flat), magazines (down 4%, from down 1%) and the Internet (flat, instead of growing 10%).
Additionally, Salomon Smith Barney media analyst Niraj Gupta noted signs of improvement in radio and outdoor sales in the first quarter and suggested second-quarter sales will be a few percentage points higher.