< The 2015 All-Europe Research Team

Total appearances: 14

Team debut: 1989

Edouard Aubin and his Morgan Stanley teammates finish in second place, down one position since last year. They are not upbeat on the prospects for Europe’s food and drug retailers, whose shares slipped 7.5 percent during the 12-month period through January, lagging the regional broad market by 15.5 percentage points. Aubin, 40, dubs the group “not particularly attractive given the important short- and long-term challenges the sector is facing.” One exception: Belgian food retailer Delhaize Group, which the analysts boosted from neutral to buy last February, thanks in part to its high and sustainable free cash flow. In addition, the company maintains a presence in nine countries across three continents and operates a range of outlet styles — from supermarkets and hypermarkets to convenience and neighborhood stores — and they believe it is likely to benefit from a channel shift in the U.S. from big box stores to the convenience grocery format. The stock has performed well, indeed, soaring 55.2 percent, to €73.63, by the end of January and far outdistancing its regional peers, which tumbled 8.6 percent during the same period.