Shares of ValueClick Inc. fell nearly 6 percent on Wednesday after an analyst said the Web display advertising market is weak and unlikely to improve the rest of the year.

Banc of America Securities analyst Brian downgraded shares of Westlake Village-based ValueClick to “neutral” from “buy” and reduced his 12-month price target to $11 from $24.

“Historically, agencies spend the remainder of their budget in the fourth quarter to help insure the size of next year’s budget,” he said in a note to investors. “This year we believe this scenario may not play out.”

A Tuesday report from the Interactive Advertising Bureau and PricewaterhouseCoopers LLP said online advertising revenue totaled $5.7 billion in the second quarter. That’s higher than the $5.1 billion reported in the same quarter last year, but down from the $5.8 billion in the first quarter of this year.

ValueClick shares closed down 45 cents to $7.49 in Nasdaq trading.