Consumer: Food - 2010 1st
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Consumer: Food - 2010 1st

Andrew Lazar captures the crown for an eighth consecutive year, thanks in part to consistently impressing investors with his detailed knowledge and broad view of the sector.

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Andrew Lazar Barclays Capital


The buy side says: “Andrew is by far the most thoughtful analyst in the space.”


Andrew Lazar captures the crown for an eighth consecutive year, thanks in part to consistently impressing investors with his detailed knowledge and broad view of the sector. The Barclays Capital analyst “is very good at taking a step back and looking at the big picture, trying to tie together threads across different companies,” explains one buy-side enthusiast. Lazar, 44, named Kraft Foods, the nation’s largest seller of beverages, confectionery and food, his top pick back in May 2009 and has highlighted the call repeatedly since, citing improving margins and robust earnings growth. Shares of the Northfield, Illinois–based concern rose 12.2 percent year-to-date through August, from $26.66 to $29.91. During the same period the sector advanced only 4.2 percent.


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After two years in the runner-up position, Chip Dillon of Credit Suisse rises to No. 3. “He is able to understand more-esoteric issues specific to the space,” touts one client. Dillon initiated coverage of Pactiv Corp., the maker of Hefty brand trash and sandwich bags and a producer of food-service and food-packaging products, in March with an outperform rating, making the case that the Lake Forest, Illinois–based company was undervalued on the basis of earnings and cash flow.
Citi’s P.J. Juvekar, 43, finishes in first place for a second consecutive year. “The analyst makes timely calls, provides excellent written research and knows the industry better than his peers,” insists one portfolio manager. Juvekar upgraded PPG Industries to buy in January, at $59.97, telling clients that the Pittsburgh-­based producer of coatings for industrial, architectural and auto markets would benefit from increased auto production, as inventories had been depleted in 2009 because of the Car Allowance Rebate System, better known as the cash-for-­clunkers program. Juvekar also believed the company would reap benefits from rising industrial production, to which PPG’s earnings are highly correlated.
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