Consumer: Food - 2010 2nd

Sanford C. Bernstein & Co.

After two years in third place, Alexia Howard of Sanford C. Bernstein & Co. climbs one rung, to second. One money manager praises Howard for providing “in-depth company analysis” that focuses on “longer-term investment themes.” The analyst initiated coverage of McCormick & Co. in January with an outperform rating, at $35.71, on the premise that investors had overreacted to the decision by Wal-Mart Stores to replace the Sparks, Maryland–based company’s signature red-cap spices with its own private-label products. In July, after Wal-Mart agreed to add McCormick’s products back to its inventory — and with the stock ahead of the sector by 5.3 percentage points, at $38.23 — she lowered it to neutral, on valuation. The share price ended August at $39.87.