—A rough year so far: The Westlake Village, Calif-based company has clearly been having a rough time this year. It began with a $2.9 million settlement with the FTC over deceptive online ad charges, and then was hit by the decline in display advertising. Last week, ValueClick COO David Yovanno departed to head widget distributor Gigya.

—More weakness sooner, opportunity later: In a research note, UBS analyst Ben Schachter identified some of ValueClick’s weakness ahead. The wider economic meltdown will continue to put pressure on ValueClick’s display business, Schachter wrote. The display market may recover somewhat by the end next year, but a number of ad networks will likely fold amid the continued downturn, allowing ValueClick the chance to consolidate some of that market share. Longer-term, Schachter says that expansion of larger internet players and their goals of building display platforms may pose a new threats to ValueClick.

—What a difference a year makes: Additionally, Motley Fool points out that ValueClick is expecting revenue to slide sequentially from Q3 to Q4, with revenues ranging between $140 million and $145 million—far less than the $167.7 million that industry analysts had been expecting and the $183.1 million generated just last year.

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