"With the acquisition of DoubleClick, entry into the display market is the most tangible opportunity in the near-term," Anderson wrote in his research. "The display ad market is a very significant opportunity but how GOOG will drive revenue synergies remains to be seen."

According to the Interactive Advertising Bureau, display advertising is forecast to grow to over $18 billion in 2010 from $12 billion in 2007.

For the second quarter, Anderson predicts $65 million in revenue for DoubleClick and $102 million in cash expenses, for a net loss of $37 million.

Reporting July 22 is Google rival Yahoo! ( YHOO), shares of which have dropped recently on renewed talk of a merger with software powerhouse Microsoft ( MSFT).

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