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Basic Materials: Metals & Mining - 2010 1st
Michael Gambardella, who sits atop the sector for a third year running, “has been covering this space for 25 years or more — I believe that is the right number — and he offers an unparalleled perspective, given his history with these companies and his relationships,” according to one satisfied client.
Michael Gambardella
J.P. Morgan
The buy side says:“麦克是一个独唱d analyst and an excellent resource.”
Michael Gambardella, who sits atop the sector for a third year running, “has been covering this space for 25 years or more — I believe that is the right number — and he offers an unparalleled perspective, given his history with these companies and his relationships,” according to one satisfied client. The 53-year-old J.P. Morgan analyst reiterated his buy rating on Pittsburgh-based U.S. Steel Corp. in November, at $39.37. Gambardella made the case that even a modest increase in demand would drive steel prices higher than the consensus anticipated. “Domestic supplies were tight from low imports and inventories, and competitors were already running at high utilization rates, with cost inflation from higher input prices such as scrap and iron ore,” the analyst explains. “The company was a leveraged play on these themes, given its high fixed-cost base and relatively low utilization at the time.” His call was right on the money: The stock shot up to almost $70 in early April before falling to $42.49 by the end of August, but nonetheless managed a 7.9 percent gain that outperformed the sector by 7.3 percentage points.