Robertson Stephens cut estimates on AOL Time Warner (AOL

).

Analyst Lowell Singer believes AOL could be a late beneficiary of an advertising market recovery due to its mix of advertising assets. He sees a turnaround in Internet and print advertising lagging the performance of other media types, such as t.v and radio. He cut the $0.54 2002 earnings per share estimate to $0.50, and trimmed the $41.39 billion revenue estimate to $40.92 billion.

Singer also thinks a series of business challenges, and questions about management's credibility, could continue to impact the stock in the near term. He says management has the opportunity to address these issues directly, and begin to rebuild its credibility with some straight talk on Wednesday's first quarter conference call. Singer kept his market perform rating.