THIRD TEAM

Elisabeth Clive, John Scannell Sanford C. Bernstein

Newcomer Elisabeth Clive and John Scannell capture third-place honors for Sanford C. Bernstein; the firm finished in the runner-up position last year. In June the analysts published a report, “Goodbye Alpha, Hello Beta?,” noting that declining levels of reimbursement would starve European med-tech companies of growth and that better opportunities existed at U.S. competitors. By December shares of leading euro names like German dialysis provider Fresenius Medical Care had barely budged, while the Dow Jones U.S. medical supplies index had gained 22.4 percent. “They stuck to their guns about the stronger opportunities in the U.S. group, and they were right,” declares one loyal buy-sider.