Capital Goods/Industrials: Aerospace & Defense Electronics - 2009
Institutional Investor Research is part of the Delinian Group, Delinian Limited, 4 Bouverie Street, London, EC4Y 8AX, Registered in England & Wales, Company number 00954730
Copyright © Delinian Limited and its affiliated companies 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Capital Goods/Industrials: Aerospace & Defense Electronics - 2009

Jumping two spots to claim first-place honors for the first time is Joseph Nadol.

 - 2009

Joseph Nadol J.P. Morgan

second team Douglas Harned Sanford C. Bernstein

third team Ronald Epstein BofA Merrill Lynch

Jumping two spots to claim first-place honors for the first time is Joseph Nadol. Clients praise the J.P. Morgan analyst for his abilities to “think on his own” and “smell management B.S. a mile away.” Nadol, 37, down­graded Harris Corp. from neutral to underweight in March, at $35.22, on declining sales at the Melbourne, Florida–based provider of tactical radios for the defense industry. In May, after the shares had slid 16.4 percent, to $29.45, Nadol upgraded them to neutral, on valuation. The price then rose 17.9 percent, compared with 11.5 percent for the sector, through August. Nadol earned a bachelor’s degree in government from Harvard University in 1995 before joining Donaldson, Lufkin & Jenrette as a real estate analyst; he moved to J.P. Morgan in 2001.

Douglas Harned slips a notch to No. 2. In December the Sanford C. Bernstein & Co. analyst down­graded Boeing Co. from out­perform to market-perform, predicting further delays in the Chicago-­based aircraft manufacturer’s highly touted 787 Dreamliner. Harned stuck to his guns even as the stock continued to rise (although the shares were dragged down with the rest of the market from February into early March), and in June a company announcement that the Dreamliner would be delayed sent the share price tumbling. By August 31, Boeing’s stock was ahead of the sector by only 3.4 percentage points since Harned’s downgrade. “If I had to rely on only one source, Doug would be the one,” insists one supporter.

BofA Merrill’s Ronald Epstein debuts at third, in part because of what one client calls his “willingness to step outside of consensus.” Case in point: In April, Epstein issued a contrarian buy recommendation on General Dynamics Corp., calling shares of the Falls Church, ­Virginia–based defense contractor a bargain at $49.18. The stock had risen 20.4 percent, to $59.19, by the end of August.

Click here to see the All-America Research Team rankings.


Stephen Taub gives a round-up of interesting SEC filings (II Research subscribers only)
In changing times, Mislav Matejka and his equity strategy team at J.P. Morgan are big vote-getters on the 2017 All-Europe Research Team.
A look at which sectors attracted the most interest, which analysts received the most votes and related highlights.
Gift this article