second team Ivy Zelman Zelman & Associates
third team Daniel Oppenheim Credit Suisse
Michael Rehaut of J.P. Morgan, in first place for a second straight year, “has it all — a good grasp of a company’s fundamentals, a good call on the industry’s cycle, good modeling and the right stock ratings,” avers one buy-side enthusiast. Rehaut, 36, upgraded Owens Corning to buy in July on the belief that shares of the Toledo, Ohio–based building products manufacturer were undervalued at $12.91; in early August the company reported second-quarter earnings per share of 49 cents — seven times higher than consensus estimates — and the stock took off. By late August it was up to $22.34, a 73 percent gain that beat the sector by 6 percentage points.
For a second consecutive year, Ivy Zelman of Zelman & Associates captures the No. 2 spot. “She gives you a level of research that no one else can equal,” declares one happy client. Zelman urged investors to buy NVR in March, dubbing the Reston, Virginia–based homebuilder’s shares a bargain at $320.55. The following month, after the stock had surged 54.6 percent, to $495.59, Zelman downgraded it to hold, on valuation. Since then the stock has led the sector’s 31.9 percent gain by 4.4 percentage points.
Advancing from runner-up to third place is Daniel Oppenheim of Credit Suisse, praised by one money manager for providing “very detailed, useful information.” Oppenheim upgraded KB Home, a residential developer headquartered in Los Angeles, to outperform in July, on valuation. The stock went on to outpace the sector by 5.2 percentage points through August.
Click here to see the All-America Research Team rankings.
