Craig Moffett, Top-Rated Analyst, Is Leaving Bernstein
Craig Moffett, a top-ranked telecommunications analyst at Sanford C. Bernstein & Co., is resigning from his job after a decade at the investment bank, according to a person familiar with the situation.
Moffett is considering starting his own firm, said the person, who asked not to be identified because the resignation hasn’t been announced publicly.
The 50-year-old has been ranked No. 1 among U.S. cable and satellite analysts for seven consecutive years by Institutional Investor magazine. He joined Bernstein, a division of New York- based AllianceBernstein LP (AB), a decade ago. Prior to that, he spent 11 years at the Boston Consulting Group, where he led the firm’s global practice in telecommunications.
He graduated magna cum laude from Brown University in 1984 and earned his master’s degree in business administration from Harvard Business School in 1989.
Moffett has long championed cable companies such as Comcast Corp. (CMCSA) and Time Warner Cable Inc. (TWC) for owning the networks that carry digital information. Moffett has said “distribution is king,” rather than content, because network owners will always find a way to get paid.
Comcast and Time Warner Cable each rose more than 50 percent last year, and investors value both at a premium to the Standard & Poor’s 500 Index, based on price-to-earnings ratios. Moffett has advised buying Comcast since at least 2003 and Time Warner Cable since at least 2007, except for a brief period in 2010, according to data compiled by Bloomberg.
Jonathan Freedman, a spokesman for AllianceBernstein, didn’t immediately return a voice message seeking comment.
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