< The 2014 All-America Research TeamPeter WardJefferiesFirst-Place Appearances: 2
Total Appearances: 13
Analyst Debut: 2001Back in third place after a year at runner-up is Jefferies analyst Peter Ward, whom one advocate describes as “especially good on coal and precious metals.” In the former subsector, the researcher has been advising caution, owing to lethargic metallurgic coal prices combined with the potential for a significant decline in natural-gas prices. On this theme, in March, Ward determined that his buy ratings on producers Arch Coal of St. Louis and Bristol, Virginia–based Alpha Natural Resources were no longer justifiable and downgraded both names to hold. By mid-September the shares had plummeted 39 percent and 27 percent, respectively, to close at $2.86 and $3.30. During the same period the sector advanced 12.9 percent. Among precious metals producers, the researcher prefers Freeport-McMoRan, on which he resumed coverage in June 2013 with a buy rating, crediting rising copper demand and prices. Through the middle of last month, shares of the Phoenix-based miner had seesawed to $34.32, gaining 24 percent over the life of the call and besting its peers by 7.6 percentage points. Freeport-McMoRan remains a top pick, with a target price of $45. “Over the next five to ten years,” Ward says, “we believe copper will be the most desirable commodity in the mining sector.”
RUNNER(S)-UP
Jorge Beristain
Deutsche Bank Securities
David Gagliano
Barclays
Sohail (Sal) Tharani
Goldman, Sachs & Co.