David Adelman  Morgan Stanley The buy side says: “David is the elder statesman of the space.”

David Adelman “has a wealth of experience and relationships — and he knows the regulatory issues cold,” declares one buy-side backer. That knowledge helps the ­Morgan Stanley analyst take top honors for a ninth consecutive year. Adelman, 45, pounded the table on Lorillard in January, at $72.26, making the case that the share price of the ­Greensboro, North ­Carolina–based tobacco company was being held down by overstated fears of a possible ban on the manufacture of mentholated cigarettes. An advisory panel told the U.S. Food and Drug Administration in March that removing menthol would benefit public health, but it stopped short of recommending that the FDA take regulatory action. In early June, with Lorillard’s stock up 36.7 percent, to $98.75, and in front of the sector by 18.7 percentage points, ­Adelman downgraded it to hold, on valuation. The downgrade was premature, however. The shares continued to rise, closing August up 12.8 percent higher, at $111.42, while the sector gained just 1.5 percent.