Harry Goad, Arnaud Lehmann, Credit Suisse

Surfacing at third for a second year running — and for the third time in four years — is the Credit Suisse duo of Harry Goad and Arnaud Lehmann. Based in London, the analysts are credited with “a great sense of timing,” as one portfolio manager puts it. The pair started 2011 with an outperform rating on France’s Cie. de Saint-Gobain, at €38.17, on its improving volume and pricing outlook, as well as low exposure to energy costs. In June, when the glass supplier’s stock reached €43.06 and was ahead of the sector by 15.9 percentage points, they downgraded it to neutral, on valuation. The stock had slid to €29.67 by the end of the year, for a loss of 31.1 percent that trailed the sector by 11.1 percentage points.