Industries – Technology, Media & Telecommunications: Second

After four straight years in first place, Bank of America Merrill Lynch drops to second. This year Maurício Fernandes, who works out of São Paulo, shares leadership responsibilities with Mexico City–based newcomer Rodrigo Villanueva. The analysts follow 12 companies. “With wireless penetration at about 120 percent in Latin America, revenue growth should be softer than it has been over the last several years, while the increased demand for wireless data services should not allow companies to reduce capital expenditures,” Fernandes explains. “We expect this to turn into progressively lower returns on investment. Regulatory headwinds, particularly in Mexico and Colombia, also continue to cap share price performance.” The team wins praise for providing “the best color on most of the seemingly complex events in Latin American telecoms,” according to one buy-side backer. — Pam Baker