Analyst to restrict media access

Banking analyst Richard Bove plans to restrict his appearances on business news channels such as CNBC and Fox Business Network and limit journalist access to his research reports, writes Brendan Conway of Dow Jones Newswires.

Conway writes, “Selected reports will be available to the media on a case-by-case basis. But the full research reports will no longer be readily available to reporters and other non-clients, Bove said Monday.

“In addition, the analyst’s frequent television appearances on CNBC, Fox Business Network and elsewhere will also be suspended for at least the rest of the year after this evening, Bove told Dow Jones Newswires.

“‘The information is getting to [people] who are not paying,’ Bove, of Rochdale Securities, told Dow Jones Newswires by phone Monday. ‘It’s weakening our whole approach to how we want to price the product.’

“Broad distribution is being ended for at least the rest of 2009 and is under review for afterward, so that ‘paying customers will recognize they are getting a unique product,’ Bove said.”

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