Sun Microsystems (JAVA) shares are coming under pressure this morning after Goldman Sachs analyst David Bailey cut his rating on the stock to Sell from Hold. He cut his target price to $3, from $5.

“Sun’s heavy concentration of financial services, telecom and manufacturing customers and overweight dependence on a secularly declining segment (UNIX servers) put Sun at a disadvantage during this downturn versus more diversified competitors,” he writes in a research note. He says most of this is in the stock–down 79 percent in 2008–but says that a 76 percent uptick in the stock since the beginning of December and a 30 percent move in just the past three days “creates a compelling entry point,” by which he means a chance to short the stock.

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Earlier today, Valueclick (VCLK) warned that results for the second quarter as well as the rest of the year will be below previous expectations, putting at least part of the blame on a slowdown in online display advertising. That raises some serious questions for other companies with significant exposure to online display ads, in particular Yahoo (YHOO) and Time Warner’s (TWX) AOL unit.

Youssef Squali, an analyst at Jefferies & Co., this morning said that checks indicate that the top ad categories in Yahoo’s display segment are under pressure, and will likely cause second-quarter results to come in at the low end of expectations. Squali, who notes that the display business accounts for about 40 percent of Yahoo’s revenues, says there are indications of weakening ad spending in autos, financial services and consumer packaged goods.

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