Jay Cohen BofA Merrill Lynch
second team Jay Gelb Barclays
third team Brian Meredith UBS
Dubbed “a good investor with excellent instincts” by one buy-side fan, Jay Cohen climbs a notch to claim the top spot for the first time since 2003. In April the BofA Merrill analyst reiterated his long-standing buy recommendation on Ace, at $40.40, on valuation. By late August shares of the multiline insurer, which moved its headquarters from Bermuda to Switzerland last year, had surged 29.2 percent, to $52.18. In June the 43-year-old analyst upgraded Bermuda-based reinsurer XL Capital from neutral to buy, telling clients the shares were undervalued at $11.24. The stock had soared to $17.35 by late August, a gain of 54.4 percent that bested the sector by 16.3 percentage points.
After three years in third place, Jay Gelb of Barclays Capital rises one rung to second. In September 2008, foreseeing pricing pressure on reinsurers, he downgraded Marsh & McLennan Cos. of New York and London-based Willis Group Holdings from equal weight to underweight. The stocks trailed the broad market by 14 and 3.1 percent, respectively, through late August. “Jay raises critical questions on stocks,” marvels one supporter.
Brian Meredith of UBS, a runner-up for the past four years, advances to third place. In May he reiterated a buy on XL Capital, five weeks earlier and at $1.40 cheaper than the first-teamer’s upgrade, partly on its selling off of structured securities and other toxic assets. The stock skyrocketed 76.3 percent through August. “He always has plentiful data to back up his picks,” maintains one advocate.
Click here to see the All-America Research Team rankings.
