Ricardo Cavanagh
& team
Itaú BBA
First-place appearances: 0

Total appearances: 1

Team debut: 2013

Itaú BBA debuts in third place. Shepherded by Ricardo Cavanagh, who also directs the crew considered the best at covering Argentina, the Santiago-based trio has added three stocks to its universe since last year, for a total of 19 — and that’s just the beginning. “We will be expanding our team and coverage in the coming months,” the team leader declares. The analysts began reporting on Concha y Toro in June with an outperform rating, at 974.27 Chilean pesos and with a target price of 1,120 pesos, citing improving earnings and rising cash flow at the Santiago-based wine producer and distributor. They also have an outperform rating on Santiago’s Enersis, which supplies electricity throughout the country and the Andean region. “Electric prices will remain high for a multiyear period as demand’s growth outpaces supply,” Cavanagh believes. The shares were trading at 152.68 Chilean pesos in mid-July; the researchers have a target price of 192 pesos. Clients are impressed. “Their efforts show Itaú’s commitment for expanding in the region,” affirms one money manager. Adds another: “I turn to them first for domestic coverage on companies like utilities and telecoms. For me that’s where they’ve earned their spurs over the past year.” — Paul Sweeney