SECOND TEAM
Felipe Hirai, Thiago Lofiego & team BofA Merrill Lynch Global Research
Rising one notch to second place is the BofA Merrill Lynch Global Research threesome co-headed by Felipe Hirai (who also conducts the No. 1 team in Metals & Mining) and Thiago Lofiego. In October the São Paulo–based analysts reinstated coverage of Brazil’s Suzano Papel e Celulose with a neutral rating — a downgrade from their previous buy — at 15.52 reais, citing the Salvador, Bahia–based paper manufacturer’s excessive capital spending and pricing pressure from ballooning paper imports. “They were the first to turn cautious,” notes one backer. Good thing, too: By late July the shares had tumbled 33.6 percent, to R10.30.