U.S. Bancorp Piper Jaffray analyst Safa Rashtchy on Tuesday said Internet media company Yahoo! Inc could make significant cuts in its fourth quarter and year 2002 forecasts because of continued weakness in the advertising market. 

In a research update titled "Where are the Ads,'' Rashtchy suggested that Yahoo's advertising business appeared to have gone from bad to worse. "It's hard to find an advertisement on Yahoo these days,'' he wrote. 

Rashtchy said many of the ads that could be found on Yahoo's Internet pages were ads for other destinations on Yahoo. 

"Yahoo's overall banner ad numbers ... seems to have declined,'' he said. 

While the company's in-house ads have helped boost traffic to select Yahoo destinations like Yahoo News, he said "early indications point to decreases just about everywhere else.'' 

"We continue to believe that Yahoo will report about $170 million in (third quarter) revenue (below our current estimate but in-line with the consensus) but Q4 and 2002 estimates could be cut significantly,'' he wrote. 

Yahoo reports third-quarter results on Oct. 10.