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These stocks are set for a 'big boost' if tax reform passes: Jefferies

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Investors are scrambling to identify the stocks that will benefit most from the hotly-anticipated Republican tax reform.

Jefferies analysts have isolated several stocks they say could get a boost from the latest tax reform proposal from Washington.

House Republicans revealed their tax plan Thursday, including a reduction of the corporate tax rate to 20 percent and a monetary incentive for international firms to bring trillions of dollars of overseas profits back to the U.S.

The GOP proposal would cut the tax of foreign-earned income to 12 percent for cash and 5 percent for non-cash, a provision Republican leadership argues is essential for encouraging companies to invest in the U.S.

"We found 85 Buy and Hold rated stocks in the Jefferies coverage universe which have seen multiple compression since the day before the Presidential election and have effective tax rates in the highest two quintiles," wrote the analysts. "Jefferies analysts selected 17 Buy-rated stocks where they have conviction even without reform, and where they agree that reform would provide a big boost."

Here are a few of the stocks Jefferies identified.