2015年全美研究团队：媒体，第2号：Todd Juenger

从去年获得的3号职位，桑福德C.伯恩斯坦＆Co.研究员托德幼人迄今为止录制最佳展示的第二名。他对美国媒体产业的观点是绝对消极的。“我们认为该部门刚刚进入长期世俗跌幅，随着电视观众转向非广告支持和不受广告支持的平台，”他解释道。“这是直接和立即压力广告收入，最终可能会增加订阅费收入。我们认为电视网络将面临多年的减速增长和下降[投资资本回报]。“然而，他补充道，“有一些明亮的景点，包括工作室业务和国际市场。”Companies best positioned to perform well despite this challenging backdrop, the analyst believes, are those that have diversified away from television and advertising, including New York–based Time Warner and Burbank, California’s Walt Disney Co. The worst, he warns, are those such as Viacom of New York, which is overly reliant on young audiences — the demographic that is abandoning traditional TV the fastest. Of the nine companies in his coverage universe, Nielsen Holdings is the 48-year-old Juenger’s favorite. The New York–headquartered data tracker’s hard information on consumer behavior in media consumption is of extremely high value as the sector tries to adapt to changing demand, he notes. Accordingly, last October he boosted his rating on the stock from market perform to outperform. By the middle of last month, it had climbed 11.7 percent, to $46.74, beating its sector peers by 3.7 percentage points and pacing the broad market by 7.3 percentage points. Juenger’s price objective for Nielsen is $55.