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A slowdown in global manufacturing numbers has unfairly hit some cyclical stocks, creating compelling medium and long-term buying opportunities, Jefferies said Thursday.
In a note titled "looking for stocks in the shadows before they're exposed by the sun," the firm identified stocks with company specific stories that haven't been rewarded by the market.
Jefferies said they have "compelling medium term/long term company specific or secular drivers," and "weakness in the industrial economy has distracted investors from those drivers."
The firm also said that as PMI numbers improve and Coronavirus fears ebb, a supportive economic backdrop as well as strength at the individual company level will power these stocks higher.