UBS Warburg analyst Christopher Dixon reduced his cash flow estimates on Viacom Inc., citing increasing pressures in the advertising market. Although Dixon reiterated his "strong buy" rating on the stock, he reduced his 2001 and 2002 cash flow estimates to $5.57 billion from $5.7 billion and to $6.4 billion from $6.58 billion, respectively.
"We continue to remain concerned that the third quarter will be particularly difficult in advertising and now believe that the earliest hope for an advertising recovery will not occur until the fourth quarter of 2001," Dixon wrote.
