Analyst at odds with PE firms

Victor Miller has been ranked the No. 1 analyst for radio and TV by Institutional Investor for the past five years. So it is a big deal that he has concluded that an offer by Thomas H. Lee Partners and Bain Capital undervalues Clear Channel to the tune of $6.69 a share, about $3 billion. The conclusion can't easily be written off given the stature of the Bear Stearns analyst, but his estimates have been questioned by the private equity firms. Some shareholders have seized on his analysis and will likely vote against the deal. You have to wonder if we'll see more of this. For all the negative talk, sell-side research is still seen as valuable. Such battles could turn nasty, as you can imagine. I would hate to see PE firms start trashing analysts that don't tow their line. 

For more:
- here's a New York Post article