< The 2015 All-America Research Team
Christopher Horvers
J.P. Morgan
First-place appearances: 0
Total appearances: 7
Analyst debut: 2009
Christopher Horvers of J.P. Morgan captures second place, the position he claimed last year in the Retailing/Hardlines sector, which is expanded this year to include broadline players. “Chris is one of the few analysts in the retail space who is equally as competent and comfortable talking about long-duration secular issues and their implications for the economics of the space as he is discussing the shorter-term trading dynamics for a given quarter,” one supporter attests. For his part, Horvers, 42, notes that the names in his group have bifurcated, “taking ‘good companies in good sectors’ to all-time high valuations and those with perceived structural challenges to the low end amid apathy — there is little left in the middle.” Investors stand to make the most money by “endorsing a laggard,” he adds, and the researcher sees a very good such opportunity in Michaels Cos. He assumed coverage on the Irving, Texas–based arts and crafts retailer in August, assigning the shares an overweight rating thanks in part to management’s potential ability to drive above-trend growth via new merchandise, marketing and e-commerce initiatives. Good call. By the middle of last month, Michaels’ stock had shot up 63 percent, to $25.56, while the broad market inched up 2 percent.
