< The 2015 Latin America Research Team
Carlos Capistran, Carlos Peyrelongue & teamBank of America Merrill LynchFirst-place appearances: 7
Total Appearances: 23
Team Debut: 1993Bank of America Merrill Lynch has appeared on this roster every year since Institutional Investor introduced the Latin America Research Team, in 1993 — a feat that no other top-three firm matches in any sector. Although its group co-led by 41-year-old Carlos Capistran and Carlos Peyrelongue, 47, slips back to second place after a year on top, the four analysts in Mexico City continue to earn high praise from the buy side. “They have experience and insightful research, and they’re also user friendly,” insists one fund manager, adding that their annual conference in Miami “is always well attended by issuers and investors, and features excellent industry panels.” Peyrelongue appears in several additional sectors again this year. Together with Guilherme Vilazante, he co-captains the third-place squad in Cement & Construction and a group that captures a runner-up spot in Real Estate. He and Francisco Rodríguez direct the No. 3 troupe on the North Andean Countries lineup; and on the Equity Strategy list, the crew that he and Felipe Hirai oversee merits a runner-up position. The Mexico researchers are forecasting that sustained robust construction activity at home combined with a resurgence of heavy buillding in the U.S. — as well as a recovery in pricing in both markets — will drive both top-line and earnings growth for Nuevo León–based Cemex, the largest cement maker in the Americas. Moreover, management’s plan to sell assets should result in further debt reduction, they note, and boost the supplier’s shares. Accordingly, BofA Merrill’s team is urging investors to buy Cemex, assigning its American depositary receipts a target price of $11.50. They closed in mid-July at $9.01.
