< The 2014 All-America Research TeamMichael ExsteinCredit SuisseFirst-Place Appearances: 0
Total Appearances: 17
Analyst Debut: 1995It’s three years in a row in third place for Michael Exstein. The Credit Suisse analyst has been advising clients to back away from the off-price retailing segment — “the only group in our coverage that has not participated in the overall trend toward a more rational capital strategy,” Exstein says. Many of the names in this subsector are expanding square footage, he adds, even as sales growth is slowing. In line with this observation, the researcher lowered Dublin, California–based Ross Stores from buy to neutral in December, reasoning that the discount apparel retailer was exhibiting the decelerating earnings per share he was seeing among the store’s peers. Although Ross’s shares posted a 3.4 percent rise from his downgrade through mid-Septmember, to $74.95, they trailed the wider sector by 2.6 percentage points. “Michael is simply the best,” cheers one investor. “He does really insightful research and makes gutsy, nonconsensus calls.”
RUNNER(S)-UP
Lorraine Hutchinson
Bank of America Merrill Lynch