THIRD TEAM

Harry Goad, Arnaud Lehmann Credit Suisse

The Credit Suisse duo of Harry Goad and Arnaud Lehmann spent last year in the runner-up position but climbs back to the No. 3 spot the pair held in 2009. The analysts are hailed for their “consistent and clear insights on global cement prices,” in the words of one investor. In September they upgraded Lafarge from neutral to outperform, telling clients that the French cement maker’s shares were undervalued at €39.84. The researchers bet on Lafarge’s improving earnings momentum, and they were right. Good call. By late December the stock had surged 17.8 percent, to €46.92, and bested the sector by 1.1 percentage point.