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The 2014 Latin America Research Team: Retailing, No. 1: Andrea Teixeira & team

Andrea Teixeira & team J.P. Morgan First-place appearances: 5

Total appearances: 14

Team debut: 1996

Andrea Teixeira’s J.P. Morgan squad reclaims first place on this list after a year at No. 3. The 40-year-old crew chief is “a fantastic analyst and second to none in terms of service,” cheers one advocate. Another portfolio manager says she is “well tuned to developments in the sector — and the calls have been very accurate.” Teixeira this year also leads groups that capture third place in Health Care and a runner-up position in Food & Beverages. Her retailing team of four analysts covers 20 regional stocks from their offices in Mexico, New York and São Paulo, and they are cautiously positive on Mexico, she reports. Although that market was weak in the first quarter of this year, says Teixeira, “we expect improved second-quarter trends on higher job creation, increased government spending and remittances.” In March she and her cohorts boosted their rating on Wal-Mart de México — which is Latin America’s largest retailer, operating outlets under a variety of formats across Mexico and Central America — from neutral to overweight. By late July the shares had climbed 15.9 percent, to 34.87 Mexican pesos, while the sector gained 5.7 percent. Looking beyond Mexico, “Colombia offers a healthy long-term growth outlook, but local retailers are facing short-term headwinds from higher competition, which might hinder growth and pressure margins during the second half,” she notes. “In Peru macro activity should continue picking up after a tough 2013.”

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