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2015年美国所有研究小组:Health Care Technology & Distribution, No. 3: Robert Willoughby
Robert Willoughby of Bank of America Merrill Lynch advances from runner-up to No. 3.
Total appearances: 14
Analyst debut: 2001
Posting his best showing since 2010,Robert Willoughbyof Bank of America Merrill Lynch advances from runner-up to No. 3. Among the researcher’s strengths is “his focus on returns on invested capital,” one client reports. “He doesn’t just parrot the company line on merger accretion. His independence may not endear him to company managements, but it enables him to avoid or at the very least question consensus thinking.” Willoughby, 49, is forecasting that the sector will maintain strong performance through December, thanks to “catalysts in prescription volume trends, new generic and biotechnology drug launches and aggressive capital deployment.” U.S. health care technology and distribution companies posted a 7.3 percent gain for the 12 months through mid-September, compared with the broad market’s loss of 2.6 percent. Regarding specific companies, he has been urging investors to buy Patterson Cos., a Farmingdale, New York–based distributor that serves the dental, rehabilitation and veterinary markets. “Both dentist and vet demand trends are rebounding in the U.S., where Patterson is primarily focused, and this should drive an uptick in both consumables and equipment supply trends,” the analyst explains. Moreover, he notes that “the company has indicated that it is looking at potential dental supplier acquisitions overseas as well as further share repurchases before year end, neither of which is included in current forecasts.” Patterson’s shares were trading at $44.92 in mid-September, and Willoughby believes that a price of $55 is justified. “I appreciate his quick responses to my e-mails and calls,” another advocate offers, “and he is one of the rare breed who lobs incoming calls ahead of earnings or important catalysts.”