Lars Kjellberg, Credit Suisse

Solo analyst Lars Kjellberg of Credit Suisse slips one rung back to third place. The London-based analyst displays a “broad and deep understanding of the fundamentals — and thus provides good insights into his companies’ future outlooks,” declares one booster. Other constituents point to Kjellberg’s July downgrade of Norway’s Norske Skogindustrier from neutral to underperform, at 8.39 Norwegian kroner, largely on pricing pressure from weak demand. In October the newsprint producer was selling assets to avoid defaulting on its debts — and by the end of the year, the shares had plummeted 46.1 percent, to Nkr4.52, and trailed the paper and forest products subsector by 36.3 percentage points.