Industry Sectors: Aerospace & Defense
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Industry Sectors: Aerospace & Defense

The Credit Suisse duo led by ­Steven East, 38, reclaims the top spot after spending last year in second place.

Steven East & team Credit Suisse

second team Céline Fornaro BofA Merrill Lynch

third team Benjamin Fidler & team Deutsche

The Credit Suisse duo led by ­Steven East, 38, reclaims the top spot after spending last year in second place. Praised by one client for being “knowledgeable and good on the details,” the team upgraded French aerospace-­equipment manufacturer Safran from neutral to outperform in August, at €10.85, on strong earnings growth. The stock had shot up to €12.89 by mid-­September, a gain of 18.8 percent that bested the sector by 5.8 percentage points, and the analysts downgraded it to neutral, on valuation.

The shares ended the year at €13.69. Newcomer Céline Fornaro, who takes BofA Merrill Lynch Global Research from third place to second, “was the first to highlight EADS’s potential ahead of the bounce,” recalls one money manager. Fornaro issued a counter­consensus upgrade of European Aeronautic Defense and Space Co. from underperform to buy in July, as undervalued at €11.53. The Netherlands-­based multi­national aircraft manufacturer’s shares had catapulted to €16.40 by mid-­September before receding to €14.09 by the end of December.

Rising from runner-­up to third place is the Deutsche Bank duo captained by Benjamin Fidler. Investors cheer a July upgrade from hold to buy on British aircraft instrument provider Meggitt, at 164.93p, based in part on the analysts’ belief that its balance sheet was stronger than widely perceived. Through December the stock skyrocketed 57.6 percent, to 260p. “Ben’s insightful analyses and good corporate contacts are very useful,” notes one ­buy-sider.

To go back to the index page, click on the Best European Analysts of the Year: 2010 All-Europe Research Team.

To read the article, click on: Reversal of Fortunes: The 2010 All-Europe Research Team.

Click here to access the complete rankings of the 2010 All-Europe Research Team.


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