These 'return to normalcy' stocks have further to run on an effective vaccine, Jefferies says

Traders work the floor of the New York Stock Exchange.

(This story is for CNBC Pro subscribers only).

The arrival of a potential Covid-19 vaccine could have "profound expectations" for stocks and sectors that could see significant upside for even small steps toward normal, Jefferies told clients in a note.

The hopeful news Monday about the Pfizer-BioNTech vaccine candidate created a sharp rotation in the stock market, as investors poured money into the companies that would benefit from a return to normal. Jefferies said there are "stocks beyond the obvious" where Wall Street estimates do not account for even small improvements from a vaccine.

"Though questions remain on availability, duration of protection, and true efficacy in a world without precautions, the move today on a return to normalcy highlights how dislocated expectations remain," Monday's note said.