Moshe Orenbuch Credit Suisse |
In second place for a third year in a row is Moshe Orenbuch of Credit Suisse. Dubbed “a cerebral guy” by one buy-side admirer, Orenbuch covers 18 companies, a universe that is “sufficiently diverse to give his views a broad context,” according to another client. In August 2011, Orenbuch upgraded SLM Corp. — commonly known as Sallie Mae — from neutral to outperform, at $12.63. He predicted that sustained low interest rates would increase Sallie’s cash flows, owing to what is called floor income, which kicks in when rates drop below a certain threshold. In August 2012 the Newark, Delaware–based student-loan provider reported that net income in the quarter ended June 30 had soared to $292 million, compared with a loss of $5.65 million for the comparable period last year. By the end of that month, the stock had jumped to $15.75, a 24.7 percent advance that was roughly in line with the Standard & Poor’s 500 index gain over the period. |
Financial Institutions – Consumer Finance: Second 2012