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Be like Buffett: Street recommends value stocks

EBay headquarters in San Jose, Calif.
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EBay headquarters in San Jose, Calif.

Taking a nod from Warren Buffett, some Wall Street strategists believe "value" stocks will lead the next leg of this bull market, not the momentum stocks that have been the best performers of the last six years.

Fundstrat's Tom Lee and Deutsche Bank's Dubravko Lakos-Bujas were among the analysts last week who told their clients to make the strategy switch to cheaper, quality names.

This came as shares of Netflix, the quintessential momentum stock and the S&P 500's best performer of 2015, plunged after reporting disappointing earnings last week.

In a note to clients Friday, Lee gave three reasons why value will outperform and listed his top stock recommendations.

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