Michael Nathanson |
First TeamMichael Nathanson Sanford C. Bernstein Second Team Spencer Wang, Bear Stearns Third Team Jessica Reif Cohen, Merrill Lynch Runner-Up Anthony Noto, Goldman Sachs |
Michael Nathanson of Sanford C. Bernstein holds on to his first-team title for a second consecutive year. Nathanson, 44, who is third in Radio & TV Broadcasting, “does a great job balancing near-term and timely information with longer-term, thought-provoking research,” says one investor. In December, Nathanson published a report noting that while consumer spending on video entertainment has been flat since 2000, industry operating margins have risen owing to more cost-effective distribution. He likes the long-term prospects of diversified media conglomerates like Time Warner, recommended in September 2006 and up 10.8 percent through mid-September 2007. Bear Stearns’ Spencer Wang rises from runner-up to second; he is third in Cable & Satellite. Wang went neutral on the sector last November, citing slowing growth at large-cap companies and fragmented audience shares of the small caps. “He’s right on the money in relating secular trends to future stock price movement,” says one client. Since Wang’s downgrade the sector has trailed the broad market by 4.0 percentage points. Jessica Reif Cohen moves from runner-up to third. The Merrill Lynch analyst broke with consensus with her buy recommendation of DreamWorks Animation SKG in October 2006. She thought the market was underestimating the profit potential of upcoming films from the Glendale, California–based film production company; through mid-September the stock was up 23.8 percent. |
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Media: Entertainment