Colin McGranahanSanford C. Bernstein & Co.Colin McGranahan, who spent the past five years in first place, slips one notch to second. The Sanford C. Bernstein & Co. researcher advises caution: “Fundamentals are weakening somewhat, valuation is not particularly attractive, and estimates look to be on the optimistic side,” he says. Even so, he remains bullish on Union, New Jersey–based Bed, Bath & Beyond, which he has been recommending since launching coverage in January 2008; he highlighted his position most recently in March of this year, dubbing the home furnishings retailer a likely beneficiary of the improving housing market. By the end of August, the stock had gained 7.4 percent since that reiteration and a whopping 129.6 percent since the original call. “I like Colin because he does real work,” observes one buy-sider. “He is always answering the question, ‘What is this company worth?’ rather than, ‘What could cause the stock to go up or down?’”