< The 2015 All-America Research Team
Michael Lasser
UBS
First-place appearances: 0
Total appearances: 2
Analyst debut: 2014
Last year UBS analyst Michael Lasser held the No. 3 spot on the Retailing/Hardlines roster. That sector is expanded now to include coverage of broadlines, and the 40-year-old researcher lands in the same position. Lasser, 40, is cautioning investors to be selective. The U.S. Federal Reserve is expected to raise its benchmark lending rate, and historical trends indicate that higher interest rates typically spell dampened performance for this group. “At this point,” he adds, “the uncertainty is heightened since many of these retailers are trading at multiples that are 20 percent above their five-year historical averages.” Still, attractive opportunities remain, the analyst says — especially in the dollar discount variety stores segment. Last September, Lasser began reporting on two of the three largest names in that space, assigning buy ratings to Goodlettsville, Tennessee–based Dollar General Corp. and Dollar Tree of Chesapeake, Virginia. Each retailer stood to benefit from its attempt to take over the third big player, Family Dollar Stores, the analyst contended. Dollar Tree won the battle, acquiring Family Dollar in January for $8.5 billion, and he is sticking with both companies. Through the middle of last month, Dollar General climbed 11.1 percent, to $70.22, while Dollar Tree advanced 19.7 percent, to $66.65. During the same period, the S&P 500 slipped 2 percent. “Not only does Michael develop the most witty titles for his reports,” one fund manager remarks, “but his notes are supported by thorough analysis and great stock calls."