Joseph Greff | Joseph Greff JPMorgan SECOND TEAM Celeste Mellet Brown Morgan Stanley THIRD TEAM Steven Kent Goldman Sachs RUNNERS-UP Robin Farley UBS ; William Lerner Deutsche |
In the top spot for a third consecutive year is Joseph Greff, who, according to one money manager, “has conviction and communicates it clearly.” Greff, 38, joined JPMorgan Securities in June, when it absorbed Bear, Stearns & Co., and among his first calls was a recommendation to sell Las Vegas Sands Corp., at $50.19, on concerns about earnings at the Nevada-based casino operator’s holdings in the U.S. and China. The stock had plunged 24.9 percent, to $37.71, from the downgrade through mid-September. During the same period the sector gained 6.0 percent. Also in June, Greff downgraded MGM Mirage to neutral, at $38.90, following a disappointing second-quarter earnings report. By mid-September shares of the Las Vegas–based resort operator had fallen to $31.72. “His downgrade hit that stock right at the top,” marvels one investor. Celeste Mellet Brown of Morgan Stanley leaps from runner-up to second place. Clients hail her as much for her deep understanding of fundamentals as for the speed of her calls. Brown downgraded Scientific Games Corp., a New York–based lottery ticket manufacturer, to underweight in January, at $28.15, citing increased competition. Two weeks later, after the stock had fallen 26.8 percent, to $20.61, she upgraded it to equal weight, on valuation. In mid-September the share price was back up to $26.72. “She’s been all over that stock,” cheers one backer. Repeating at No. 3 is Steven Kent, who “really explains the gaming industry,” says one buy-side fan. In January the Goldman, Sachs & Co. analyst reiterated his sell rating on Shuffle Master, on declining demand. Shares of the Las Vegas–based gaming equipment manufacturer had plunged 52.3 percent by mid-September.
