SECOND TEAM Ehud Gelblum  Morgan Stanley

After five years in first place, Ehud Gelblum slips to second; the Morgan Stanley analyst also holds the top spot in Telecom Equipment/Wireless. A member of the All-America Research Team Hall of Fame, Gelblum is “thoughtful” and “appropriately skeptical,” clients say, and especially appreciated for his “engineering perspective combined with rigorous financial analysis.” Gelblum told investors to buy Calix in May 2010, at $12.04, on the belief that the Petaluma, California–based provider of broadband communications access systems would benefit from the growing demand for Internet access in rural America. In January, with the stock up 37.3 percent, to $16.53, and ahead of the sector by 14.7 percentage points, Gelblum downgraded it to equal weight, citing uncertainty about the company’s growth strategy given its acquisition of former rival Occam Networks of Santa Barbara, California. (That deal, announced in September 2010, was completed in February.) The stock slipped 10.6 percent, to $14.78, through August.