Fernando Ferreira
Bank of America Merrill Lynch
First-place appearances: 1

Total appearances: 5

Team debut: 2009

Although Fernando Ferreira drops from second place to third, the Bank of America Merrill Lynch researcher continues to win praise for his “thorough understanding of the sector’s dynamics,” as one money manager puts it. Brazil’s farmers are facing challenges despite higher crop yields that have resulted from improved weather conditions, he reports. Currency depreciation will partially offset lower grain prices, the New York–based analyst explains, but rising freight costs are putting pressure on margins. “If grain prices continue to trend down, we see downside risk for fertilizer demand in Brazil, which is expected to increase 3.5 percent year over year in 2013.” Ferreira is urging clients to buy Cosan. The São Paulo–based ethanol and sugar producer is “a more defensive name in a scenario of risk aversion and market volatility,” he says. “The downside of sugar prices is more limited at current levels, and Cosan has good hedging levels, while the margins at its fuel distribution business should remain largely stable.”— Leslie Kramer