(This story is for CNBC PRO subscribers only.)
Volatility is here to stay, according to Jefferies, but there are still attractive buying opportunities that offer potential long-term upside. The firm scanned its coverage universe for buy-rated stocks that are "overlooked," and that have not participated in the recent rally that's seen the S&P 500 soar from its March 23 low.
"We wanted to find stocks that investors shunned in both bad times and good times but our analysts like," the firm said. "We looked up and down the market cap for those stocks that lagged in the bear market and have not participated in the upturn ... and could be the next leaders."
On the firm's buy list include cyclical stocks that are sensitive to the overall health of the economy.
"Small caps and the cyclicals are still unloved and cheaper with better and broader growth coming in the back half of the year."
Here are some of the stocks on the list: