JPMorgan Chase & Co. climbed to No. 1 in Institutional Investor’s 2017 ranking of Latin America’s best research analysts, toppling former champion Itaú BBA.

JPMorgan, which last year tied for second, gained recognition in 25 out of 39 categories, including top honors for the cement and construction, food and beverages, and nonbank financial sectors. Bank of America Corp. kept its second-place ranking, with high marks in 23 categories, up from 21 last year. BTG Pactual, which ranked fourth last year, tied with Itaú BBA for third place.

Bank of America Merrill Lynch had four first-place team positions for its coverage of Argentina, Mexico, corporate debt, and the technology, media, and telecommunications industry. While BTG Pactual and Itaú BBA each earned 22 positions in II’s ranking, BTG Pactual’s six first-place team positions were more than any firm’s total. BTG Pactual earned top honors for coverage of agribusiness, banks, metals and mining, pulp and paper, Chile, and North Andean countries.

The 2017 Latin America Research Team survey reflects the opinions of 960 representatives from more than 470 institutions overseeing an estimated $300 billion in Latin American equities and $357 billion in Latin American debt.