Capital Goods/Industrials: Machinery 2009

David Raso moved from Citi to ISI Group in December but hasn’t budged from the top spot, which he holds for a ninth year running.

David Raso

David Raso

David Raso ISI

second team Ann Duignan J.P. Morgan

third team Daniel Dowd Sanford C. Bernstein

Clients dub him “the hardest-working sell-sider on the sector” and applaud his “rigorous channel checks.” Raso, 39, reinitiated coverage of Ingersoll-Rand shortly after he switched firms, urging his new clients to buy the stock at a bargain-price of $15.59. Shares of the Hamilton, Bermuda–based provider of diversified security systems and industrial technology catapulted 98.1 percent, to $30.89, and outperformed the sector by 72.9 percentage points, through August.

At No. 2 for a third straight year is J.P. Morgan’s Ann Duignan. Grateful clients single out her April valuation-driven upgrade of Caterpillar from neutral to overweight, at $31.39, even though the Peoria, Illinois–based farm-equipment manufacturer’s shares had already climbed 41.6 percent in the preceding seven weeks. By August 31, Caterpillar’s shares had surged a further 44.3 percent, to $45.31. “Her recommendation was spot on and for the right reasons,” says one ally.


Newcomer Daniel Dowd, described by one money manager as a “fast riser with a great understanding of his industry,” takes third place. In April the Sanford C. Bernstein analyst named Deere & Co. his top pick, judging the Moline, Illinois–based tractor manufacturer well positioned to benefit from rising crop prices. Deere’s stock advanced 18 percent, from $36.96 to $43.60, through August.

Click here to see the All-America Research Team rankings.