< The 2015 All-Europe Research Team

Total appearances: 19

Team debut: 1986

Advancing from runner-up to third place are Sandeep Deshpande and his crew. Working from London, the three J.P. Morgan Cazenove researchers monitor 13 regional hardware technology names. They prefer the communications technology subsector, thanks to increasing capital expenditures by European telecommunications companies, “improving product mix — thus higher margins in the U.S. despite capex moderation — and continuing Chinese spending on [fourth-generation technology], with potential to see Japan and Korea upgrade existing 4G networks,” says Deshpande. “In semiconductors the U.S. end market has recovered and is gaining strength. However, Europe remains weak and Chinese demand uncertain. Thus, though inventories remain low in semiconductors, European companies with high European exposure may see uncertain demand.” On the contrary, declining oil prices could be a catalyst to the sector over the midterm, he notes. “Typically, tech demand and tech stocks do well in a low-oil-price environment.”