Consumer: Retailing/Hardlines - 2010 3rd
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Consumer: Retailing/Hardlines - 2010 3rd

Matthew Fassler takes third-place honors for a fourth straight year.

Matthew Fassler Goldman, Sachs & Co.


Matthew Fassler takes third-place honors for a fourth straight year. The Goldman, Sachs & Co. analyst downgraded Barnes & Noble from neutral to sell last October, at $18.04, on concerns that the New York–based bookseller was losing ground in its highly competitive race with Amazon.com to dominate digital book sales. The stock had sunk 15.1 percent, to $15.31, by early August, and Fassler upgraded it back to neutral, on valuation. By the end of that month, it had slipped 1.1 percent further, to $15.14. “Matt does the best job of translating the larger macroeconomic forces down to the consumer level,” cheers one grateful investor.


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In a year when macro concerns overshadowed stock picking, these top analysts came to the aid of investors at sea in the market turbulence.
After two years in the runner-up position, Chip Dillon of Credit Suisse rises to No. 3. “He is able to understand more-esoteric issues specific to the space,” touts one client. Dillon initiated coverage of Pactiv Corp., the maker of Hefty brand trash and sandwich bags and a producer of food-service and food-packaging products, in March with an outperform rating, making the case that the Lake Forest, Illinois–based company was undervalued on the basis of earnings and cash flow.
Citi’s P.J. Juvekar, 43, finishes in first place for a second consecutive year. “The analyst makes timely calls, provides excellent written research and knows the industry better than his peers,” insists one portfolio manager. Juvekar upgraded PPG Industries to buy in January, at $59.97, telling clients that the Pittsburgh-­based producer of coatings for industrial, architectural and auto markets would benefit from increased auto production, as inventories had been depleted in 2009 because of the Car Allowance Rebate System, better known as the cash-for-­clunkers program. Juvekar also believed the company would reap benefits from rising industrial production, to which PPG’s earnings are highly correlated.
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