Victor Miller IV |
First TeamVictor Miller IV Bear Stearns Second Team Jonathan Jacoby, BofA Third Team Michael Nathanson, Sanford C. Bernstein Runner-Up Anthony DiClemente, Lehman |
Victor Miller IV, who returns for a sixth consecutive stay at the top, has “a keen eye and nerves of steel,” according to one client. Those nerves were on display with the Bear Stearns analyst’s coverage of Emmis Communications Corp., a diversified media company headquartered in Indianapolis, whose stock jumped 20.9 percent in May 2006 after CEO Jeffrey Smulyan said he intended to take the company private. Miller, 43, insisted the company would stay public and downgraded to sell. In July 2006 the stock started to slip and by August 2007, when the company announced a $50 million share-repurchase program (thus confirming Miller’s assertion), it was down 50.9 percent from its May 2006 high. That is when Miller told investors to buy. The stock was up 13.0 percent through mid-September. Jonathan Jacoby repeats in second. Described by one client as someone who “doesn’t buy company or market spin,” the Banc of America Securities analyst upgraded San Antonio–based Clear Channel Communications to buy in March 2006, at $27.94, as a likely leveraged-buyout candidate. In November private equity firms Bain Capital Partners and Thomas H. Lee Partners tendered a $37.60-per-share offer, and Jacoby downgraded to hold. When rumors that the deal might fall through drove the stock price down in March, he urged investors to buy on the dip. Another fan of Clear Channel, Michael Nathanson of Sanford C. Bernstein holds steady at third. Nathanson, who is top-ranked in Entertainment, also recommended Clear Channel in March 2006, telling investors an LBO was coming. When the offer came, he downgraded to hold. The deal is expected to close by year-end. |
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Media: Radio and TV Broadcasting