Technology, Media & Telecommunications – Technology/Semiconductors: Third
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Technology, Media & Telecommunications – Technology/Semiconductors: Third

Sandeep Deshpande & team

J.P. Morgan Cazenove

J.P. Morgan Cazenove spent the past three years in first place; this year the London-based trio tumbles to third. Team leader Sandeep Deshpande — “the analyst with the best knowledge of the European semiconductors industry,” according to one client — believes the sector is bottoming out, but he has yet to see signs of improvement in end markets for smartphones and tablets. “We believe that although the first quarter could still be tough, the industry environment will improve through the year,” says Deshpande, who also pilots a runner-up team in Telecommunications Equipment. “Thus stocks with considerable operating leverage in an improving economic environment may be the best performers.” For this reason, ASML Holding of the Netherlands is touted as top pick among the 15 companies the analysts cover; the stock gained 13.8 percent in 2012.

Pam Baker


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