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Buy Google, other globetrotters: Smart money

An employee walks through the lobby of Google's Washington, D.C., headquarters.
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An employee walks through the lobby of Google's Washington, D.C., headquarters.

Two major research houses on Wall Street recommend selling shares of U.S. companies with mostly domestic sales in favor of big multinational names that were wrecked by the rising dollar hurting the value of their foreign sales.

A pause in the dollar rally and attractive valuations will be the catalyst for the comeback, according to JPMorgan and RBC Capital.

"After a sharp 17 percent outperformance of this pair trade over the last 6 months (32 percent over last 9 months), we recommend investors take profit on this trade and go long Multinationals as they have become more attractive on a relative value basis," JPMorgan Chase wrote in a note to clients Monday.

JPMorgan recommended traditional globetrotters like Schlumberger, but also some digital players with a global footprint such as Google and Priceline. All three companies derive more than 50 percent of their revenue from abroad.

Below are the stocks with the most upside, according to Wall Street.