SECOND TEAM Michael Exstein Credit Suisse
Michael Exstein spent the past four years in third place; this year he rises one notch to second in his best showing since 2001. The Credit Suisse analyst “does a thorough and insightful job of covering the broadline retailers, and he is extremely helpful when asked for support or explanations,” says one portfolio manager. In September 2010, Exstein pounded the table on Costco Wholesale Corp. — first upgraded from neutral to outperform in May 2009 — after a meeting with the Issaquah, Washington–based company’s executive team convinced him that the warehouse club operator would be able to sustain its growth momentum. He was right. At the end of August 2011, the company reported that year-over-year net sales for the fiscal year ended that month had increased 14 percent, to $87 billion. By then, Costco’s stock had rung up a gain of 27.5 percent, from $61.58 to $78.54, and led the sector by 21.3 percentage points.