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Buy Wal-Mart, other stocks with low-income customers on a potential Clinton election win: Cowen

A voting sign points early voters to the polling station at the Hillsborough County Supervisor of Elections office on Oct. 24, 2016 in St. Petersburg, Fla.
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Cowen on Tuesday released its top picks for the U.S. presidential election, highlighting a list of stocks that are likely to perform best on a potential victory by Democrat Hillary Clinton.

"We continue to believe the presidential race remains Clinton's to lose with a dwindling path to 270 electoral votes for Trump. To us, the bigger question is Trump's margin of loss," wrote the firm's Washington strategist Chris Krueger.

As a result, Krueger advises clients to position their portfolios according to the policies that are likely to take center stage under a Democratic presidency.

"We believe Mrs. Clinton's top legislative priorities will include: sweeping immigration reform, launching her infrastructure program and tax reform," wrote Krueger as potential investment areas.