Industry Sectors - Medical Technologies & Services: First
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Industry Sectors - Medical Technologies & Services: First

Michael Jüngling guided the BofA Merrill Lynch Global Research team to the top spot every year from 2004 through 2009; he moved to Morgan Stanley in January 2010 and this year claims the pole position with his new three-­member team.

Michael Jüngling & team Morgan Stanley


The buy side says: “Michael is an essential guide to areas of lingering weakness in the sector.”


Michael Jüngling guided the BofA Merrill Lynch Global Research team to the top spot every year from 2004 through 2009; he moved to Morgan Stanley in January 2010 and this year claims the pole position with his new three-­member team. Jüngling, 39, reopened his franchise last February with a contrarian underweight rating on Switzerland’s Nobel Biocare Holding, at Sf28.13, arguing that the relatively high-end branded dental implant group would lag more bargain-­oriented medical-­device companies in a period of economic uncertainty. By the time the team issued a valuation-­based upgrade to neutral in May, Nobel Biocare’s shares had plunged 21.1 percent, to Sf22.19, and trailed the sector by 24.6 percentage points. “Prophetic but obvious in hindsight, which is what a good call should be,” observes one buy-side backer. Since the upgrade, Nobel Biocare’s stock has continued to fall, dropping to Sf17.63, through December. The Morgan Stanley analysts are “really very good at teasing out the impact of emerging markets on these companies,” one portfolio manager ­declares.


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