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The 2014 All-America Research Team: Chemicals, No. 3: P.J. Juvekar

< The 2014 All-America Research TeamP.J. JuvekarCitiFirst-Place Appearances: 2

Total Appearances: 14

Analyst Debut: 2002

For a second year running Citi’s P.J. Juvekar finishes at No. 3 on this list. Tracking 24 U.S. chemicals names, the analyst earns praise for his coverage of CF Industries Holdings in particular. Juvekar upgraded the Deerfield, Illinois–based agricultural chemicals producer from neutral to buy in September 2013, at $202.23, after a trip to China indicated that nitrogen fertilizer prices had stabilized. In April, after the shares had bolted 29.9 percent and bested the sector by 16.9 percentage points, he lowered them to neutral on valuation. Sure enough, the stock subsequently slumped, tumbling to $252.04 by mid-September, for a loss of 4.1 percent that trailed its peers by 7 percentage points. Going forward, the analyst favors Air Products & Chemicals, expecting new CEO Seifi Ghasemi to sell noncore assets and improve margins. His price target for the Allentown, Pennsylvania–based industrial gases supplier is $154, which implies a 19.4 percent upside to its mid-September value. “P.J.’s long, in-depth knowledge gives him a differentiated perspective,” cheers one portfolio manager.

Laurence Alexander

David Begleiter
Deutsche Bank Securities

Robert Koort
Goldman, Sachs & Co.

Kevin McCarthy
Bank of America Merrill Lynch

John McNulty
Credit Suisse

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