CFRA told clients to buy stocks with high tax rates that will gain from a corporate rate reduction.
"We see benefits for many U.S. companies, especially those with high corporate tax rates and considerable overseas cash and investments," the firm's research team wrote Wednesday.
The firm noted Apple held 94 percent of its $269 billion in cash balances overseas. CFRA predicts the company will repatriate as much as $200 billion back into the U.S. and use most of the proceeds to buy back stock.
In similar fashion, Credit Suisse's Jonathan Golub shared his list of high tax rate companies that can thrive on a lower tax rate on Dec. 4.
In regard to specific sectors, JPMorgan analyst Sterling Auty believes software stocks will be big beneficiaries from tax reform.
"The winners in our coverage from the rate reduction would be those companies that have the predominant amount of their revenue and/or pre-tax income domiciled in the US and those companies that are and have been profitable," he wrote in a note to clients Tuesday.
The analyst said Aspen Technology, SS&C Technologies, Intuit, LogMeIn and Qualys are among the top tax reform "winners" with the highest operating profit margins in the sector.
For investors who want to trade on tax reform being implemented, here are 25 companies Wall Street recommends:
— CNBC's Jacob Pramuk contributed to this report.