Adding to the trickle of upbeat guesstimates that could presage a torrent among Wall Street entrail-rakers, investment bank Lehman Brothers has upgraded its US advertising expenditure forecast for 2002.

Having read the runes, Lehman’s advertising analyst Kevin Sullivan opined Friday that “an advertising recovery is coming at a quicker pace than initially anticipated”. He accordingly upgraded his year-on-year growth prediction for 2002 from plus 0.6% to +1.4%.

He bases this on expectations of stronger growth in ad spending in broadcast television and radio. Sleeving the dust from his crystal ball, Sullivan also peered into the mists of 2003, divining growth of 3.5% to 4%.

He is the second Wall Street prophet to blow warmer about the US ad outlook, following in the footsteps of UBS Warburg’s Leland Westerfield who last week upped his guess of a 1.6% decline to an increase of an 0.7% in advertising expenditure this year [WAMN: 18-Mar-02].

Data sourced from: New York Times; additional content by WARC staff