< The 2014 All-Europe Research Team
Rising one notch to recapture the No. 2 position it held in 2011 is the Morgan Stanley squad co-piloted by Bobby Chada in London and Paris-based Emmanuel Turpin. Of the 30 stocks under coverage, the nine-strong team prefers France’s Veolia Environnement, a diversified supplier of water, waste management and public transit services. Citing the benefits of a restructuring and recently instituted cost-cutting measures, the researchers in August upgraded Veolia from equal weight to overweight. Late in December the stock was up 12 percent, to €11.85, and ahead of the sector by 5 percentage points. Going forward, the analysts also favor U.K.-based National Grid. They consider the electricity and gas distributor a safe choice given its high dividend yield, robust dividend growth rate and eight-year contract with local regulators. “Bobby and Emmanuel think like their clients,” one supporter asserts, “which leads to useful advice and top-notch service.” |