2015 All-America Research Team: Media, No. 3: Michael Nathanson

Michael Nathanson of MoffettNathanson captures third place, improving on his runner-up showing last year.

2015-10-tom-johnson-res-all-america-research-team-michael-nathanson.jpg

< The 2015 All-America Research Team

2015-10-tom-johnson-res-all-america-research-team-michael-nathanson.jpg

Michael Nathanson
MoffettNathanson
First-place appearances: 7

Total appearances: 14

Analyst debut: 2006

Michael Nathanson of MoffettNathanson captures third place, improving on his runner-up showing last year. The 52-year-old analyst monitors 12 U.S. media companies, and his associate covers an additional three. On the sector overall Nathanson has a neutral stance. “We see structural risks in three key areas for media companies: weak national ad spending, declining TV ratings as consumers favor on-demand viewing and a slow but steady fall in pay-TV subscribers of –1 percent per year as younger consumers show less willingness to pay for the traditional video bundle,” he advises. One persistent and perennial exception is Walt Disney Co., which Nathanson has for years urged investors to buy. The Burbank, California–based diversified entertainment conglomerate — and the U.S.’s largest media company, by market capitalization — continues to win his favor by again beating earnings forecasts and delivering strong performance across many of its franchises, including the ESPN sports network, films and theme parks. Over the 12 months through mid-September, Disney advanced 16 percent, to $102.84, while the sector slipped 1.5 percent and the broad market was down 2.6 percent.

Related