Only one person on Street says buy these stocks

Traders work on the floor of the New York Stock Exchange.
Getty Images
Traders work on the floor of the New York Stock Exchange.

In a contrarian move, a large Wall Street firm is recommending clients turn to utilities for yield after the sector's precipitous fall.

"Utilities are one of the best income options investors have right now," said David Bianco, chief U.S. equity strategist at Deutsche Bank, labeling the group his "favorite domestic bond substitute."

"I recommend investors seek value in dividend payers, especially utilities," he added, with the sector "bought broadly through the ETF."

That view sets the investment bank apart from the rest of Wall Street firms, which rate the group either neutral or underweight.

Here's why the strategist believes now is the time to jump back into utilities.