2014年整个欧洲研究Team: Pharmaceuticals, No. 1: Sachin Jain, Graham Parry & team

Sachin Jain, Graham Parry & team

Bank of America Merrill Lynch

First-Place Appearances: 7 Total Appearances: 30 Team Debut: 1995

For a second straight year, Bank of America Merrill Lynch seizes the top slot on this roster, which now reflects coverage of biotechnology shares as well as pharmaceuticals. Co-led bySachin Jain, 37, andGraham Parry, 39, the five-strong team in London impresses clients with its pragmatism and research on industry fundamentals. In addition, the researchers “make good points in their calls,” one fund manager reports, “even if I don’t always agree.” They cover 26 companies and retain a positive view on the sector. The group bested the broad market by 7.1 percentage points last year, rising 25.2 percent, and they expect that outperformance to continue. In particular, this year they forecast that new pipeline launches will contribute to accelerated earnings-per-share growth, fueling continued sectorwide rerating, which could further be bolstered by increased M&A activity. Among the companies the analysts deem best positioned to benefit from forthcoming product and pipeline cycles — and whose shares are undervalued relative to the projected gains — are Germany’s Bayer (a long-standing favorite), U.K.-based GlaxoSmithKline and Switzerland’s Roche Holding. Each stock earns a buy rating.