Pharmaceuticals & Health Care – Medical Technologies & Services: First
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Pharmaceuticals & Health Care – Medical Technologies & Services: First

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Michael Jüngling

& team

Morgan Stanley

"They positively surprise us year after year."

Morgan Stanley's two-member team captures the top spot for a third consecutive year. Captain Michael Jüngling, who works out of New York, "has outstanding industry knowledge, good stock picking and viewpoints that few others provide," says one U.K.-based hedge fund manager. The analysts report on 18 stocks, two fewer than last year, and their current top picks include Sonova Holding, a hearing-aid manufacturer headquartered in Switzerland. "We have high hopes for a new cochlear implant launch in mid-2013, which should help margin expansion from operating leverage," says Jüngling, 41. The team also likes Italy's DiaSorin, a developer of diagnostic tools that is perhaps best known for its testing for vitamin D, which is used in the management and treatment of calcium-related diseases. "DiaSorin had a virtual monopoly on the vitamin D test, but over the past 12 to 18 months, we have seen competition emerge from the likes of Siemens and Roche [Holding], which put pressure on pricing," he says. "We now believe this risk has fully played out, and we don't see material incremental pricing or volume risk." — Leslie Kramer


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