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Aug 1, (Reuters) - UBS Investment Research cut its price target on ValueClick Inc (VCLK.O: Quote, Profile, Research), saying macroeconomic conditions were hurting the online advertising business and it raised concerns of a continued fall in revenue.

"Without confidence in our ability to call a bottom to how low revenue growth can fall, we remain on the sidelines and reiterate our neutral rating," analyst Benjamin Schachter wrote in a note to clients, cutting his price target on ValueClick's stock to $13 from $20.

Shares of the company, fell as much as 11 percent, but recouped some losses and were down 92 cents at $10.98 in afternoon trade on Nasdaq.

Schachter said he believes the comparison shopping segment remains most at risk and is highly dependent on Google (GOOG.O: Quote, Profile, Research) and Yahoo! (YHOO.O: Quote, Profile, Research) and other traffic and monetization partners.

Schachter said media segment revenue fell more than 21 percent in the second quarter, due in part to continued weakness in the company's promotion-based lead generation business.

Although ValueClick has seen more advertisers in the display channel, there is less spending per client, the analyst said.

On Thursday, the company, which operates its businesses in the media, affiliate marketing and technology segments, reported a flat quarterly profit that topped market estimates by a penny, and it also backed its third-quarter and full-year forecasts. (Reporting by Lalitha Murali in Bangalore; Editing by Bernard Orr) ((lalitha.murali@thomsonreuters.com;within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters messaging: lalitha.murali.thomsonreuters.com@reuters.net))