Analyst Holly Becker says she has concerns about advertising in the AOL division. She says initially she hoped management was forecasting a "worst case scenario", that guidance would ultimately prove too conservtive. However, despite early signs of firming on a macro advertising front, AOL division advertising continues to face company-specific challenges. For the AOL division, Becker cut the Q1 revenue estimate to $2.3 billion (+1.9%), and trimmed the EBITDA to $449 million (-11.5%). Becker also cut the total company estimates to $9.4 billion in Q1 revenue and $2 billion EBITDA, along with trimming 2002 revenue to $41.4 billion and cutting EBITDA to $10 billion -- which is below the company's guidance. Becker kept her market perform rating.