< The 2014 All-Europe Research Team

Michael Gibbs & team
J.P. Morgan Cazenove
First-place appearances: 0

Total appearances: 5

Team debut: 2009

J.P. Morgan Cazenove’s crew steered by Michael Gibbs climbs from runner-up to reclaim the No. 3 spot it most recently held in 2011. The London-based trio provides research on 13 names and is cautious overall on the sector, which rose 9.9 percent last year but trailed the broad market by 8.2 percentage points. The analysts do, however, like the medium- and long-term growth prospects for England’s SABMiller — the second-largest brewer in the world and owner of some 200 brands, including Grolsch, Miller Genuine Draft, Pilsner Urquell and Tyskie. They credit “exposure to more attractive emerging-markets profit pools in the longer term,” Gibbs explains, “dominant positions which support superior pricing power and potential for accelerated margin expansion.”