THIRD TEAM

Ross Gilardi BofA Merrill Lynch Global Research

BofA Merrill Lynch Global Research returns to the ranking for the first time since 2005. That year, Mads Asprem finished in second place; this year newcomer Ross Gilardi debuts at third. Way back in April 2009, one month after switching from U.S. to European coverage, Gilardi upgraded Ireland’s Smurfit Kappa Group from neutral to buy, at €2.13, on its strong cash flow. The containerboard maker’s stock had more than tripled, to €7.82, by November 2010, and the analyst reduced it to neutral, citing excess inventory. By late December it had slipped to €7.30. “In a short time, Ross is already the best,” proclaims one booster.