SECOND TEAM Steven Milunovich  BofA Merrill Lynch Global Research

Clients say All-America Research Team Hall of Famer Steven Milunovich, who jumps from runner-up to second place, knows “how to look at this difficult-to-evaluate industry” and “connect the dots and apply [that] to stocks.” The BofA Merrill Lynch Global Research analyst downgraded Cree from buy to neutral in October 2010, at $50.08, on concerns about continued weak demand for the Durham, North Carolina–based company’s light-emitting diodes. In May, after the stock had dropped 21.5 percent, to $39.31, Milunovich downgraded it further, to underperform, citing slowing demand from China. The shares slid 17.5 percent, to $32.43, and trailed the broad market by 9.2 percentage points, through August.