< The 2014 All-America Research TeamMahesh SanganeriaRBC Capital MarketsFirst-place appearances: 0

Total appearances: 2

Team debut: 2013RBC Capital Markets’ Mahesh Sanganeria rises from runner-up to third place. From his base in San Francisco, the analyst reports on 14 semiconductor capital equipment companies and plans to add at least one name soon. Clients value his expertise, in particular: “Mahesh has one of the deepest understandings of the semiconductor equipment technology and road map,” observes one supporter. “His knowledge on the newer technologies goes beyond the typical sell-side analyst’s, especially around newer materials and gate structures.” For his part, Sanganeria deems the stocks in his sector fairly valued and, against consensus, projects that operational outlays will rise by 10 percent next year and will not exceed expenditures in 2014. “Usually,” he adds, “revenues for semiconductor capital equipment companies grow in line with total capital spending — the stocks in this sector are highly correlated.” In particular, he expects Silicon Valley industry giants Applied Materials, KLA-Tencor Corp. and Lam Research Corp. to track with the group, while forecasting that the Netherlands’ ASML Holding will underperform.