Industries – Retailing: Second

Jumping from runner-up to second place is Loredana Serra’s three-member crew at Morgan Stanley; the New York–based leader also pilots the No. 3 team in Food & Beverages. “The business environment should improve for retail companies over the next year,” she says. “In the case of Mexico, lower public spending and lower remittances from the U.S. caused a sharp slowdown in retail spending in the first half, which can start to revert in the second half.” The analysts relaunched coverage on Cía. Brasileira de Distribuição with an overweight rating in November, at 91.39 reais, believing that the Brazil-based operator of convenience stores and supermarkets was poised for more consistent, organic growth, thanks to a change in ownership and resolution of some shareholder conflicts. In May, after the stock had surged 20.5 percent, to 110.10 reais, and led the sector by 16.5 percentage points, they downgraded it to hold, “because we didn’t see near-term catalysts for further upside earnings potential,” Serra explains. By mid-July the shares had slid 9.6 percent, to 99.50 reais. “She has a surreal understanding of the consumer space,” marvels one client. — Pam Baker