THIRD TEAM
Eric Lopez, Matthew Yates & team BofA Merrill Lynch Global Research
In third place is the BofA Merrill Lynch Global Research quintet under the direction of Eric Lopez, who also co-leads the No. 3 team in Utilities, and Matthew Yates. Last April the analysts downgraded Denmark’s Vestas Wind Systems from neutral to underperform, at 330.60 Danish kroner, on overcapacity, low demand owing to declining natural-gas prices, and an uncertain political environment largely thanks to the then-upcoming U.S. midterm elections. By the end of the year, the wind-turbine manufacturer’s stock had plummeted 46.7 percent, to Dkr176.10, while the broad market was flat. The team “stuck to its guns on bearish calls and was vindicated,” cheers one benefactor.