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Itau BBA rises one rung to claim the top spot on the All-Brazil Research Team, Institutional Investor's exclusive annual ranking of the nation's leading sell-side analysts, for the first time since 2011. It captures 18 positions, one more than in 2015.
Complete results can be found at www.institutionalinvestor.com/rankings.
BTG Pactual, which had led the team for the past four years, slips to second place after losing one position, leaving it with 17. Credit Suisse spends a fifth straight year at No. 3 even though its total falls from 15 to 12. Bank of America Merrill Lynch, with 11 spots -- one fewer than in 2015 -- nonetheless extends its tenure in fourth place to a fourth year.
Two firms share the fifth tier, with nine positions each: J.P. Morgan, whose rank is unchanged from last year despite the loss of one spot, and Santander, which advances one level after picking up three positions.
Thirteen firms are represented on this year's team, including two that did not appear in 2015: Citi and UBS.
A total of 79 analysts are cited on the roster, which is limited to the top three in each sector, plus runners-up where applicable. All of these results are available to subscribers online. Among the highlights of this year's results:
Two analysts have established six-year winning streaks in their respective sectors:
- Ciro Matuo of Itau BBA, Corporate Debt
- Guilherme Paiva of Morgan Stanley, Equity Strategy
Three analysts are No. 1 in more than one category:
- Thiago Duarte of BTG Pactual
- Agribusiness
- Food & Beverages
- Ilan Goldfajn of Itau BBA
- Economics
- Sovereign Debt
- Eduardo Rosman of BTG Pactual
- Financials/Banks
- Financials/Nonbanks
Survey results reflect the opinions of 714 buy-side analysts and portfolio managers at 375 institutions that oversee an estimated $252 billion in Brazilian equities and $136 billion in Brazilian debt.
