With a very toppy market, and more than one firm on Wall Street warning of a potential summer sell-off, we were very impressed with the stocks that populate the Jefferies Franchise picks list. Momentum names trading with astronomical price-to-earnings (P/E) multiples were noticeably absent. The list was an outstanding collection of solid names with good growth prospects for 2014 and beyond.

We screened the Jefferies list for the top picks in a variety of sectors with the lowest 2014 P/E multiples.

Activision Blizzard Inc. (NASDAQ: ATVI) is a big player with teens, who were recently surveyed and said they were buyers of new next generation gaming consoles. Sales of the popular games are sure to follow, and Activision has them, especially its huge franchise hit Call of Duty. The Call of Duty series was launched in 2003. Activision’s Call of Duty: Ghosts launched in Nov 2013 and turned out to be the best-selling game on the next generation PlayStation 4 and Xbox One consoles in the fourth quarter of 2013.

The newest, Call of Duty: Advanced Warfare, is expected to be a top summer seller. Investors are paid a 1% dividend. The Jefferies price target is $25. The Thomson/First Call estimate is at $24.22. The stock closed Tuesday at $21.45 a share.

Crown Holdings Inc. (NYSE: CCK) makes this list and trades at a low 14.27 times 2014 earnings. The company is a leading supplier of packaging products to consumer marketing companies around the world, with a market cap of $6.77 billion. The company has long-term estimated earnings per share growth rate of 11.65%. With economic growth expected to emerge globally, this could be a top pick going forward. The Jefferies price target is $56, and the consensus is at $52.27. The stock closed trading on Tuesday at $50.46.

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Fifth Third Bancorp (NASDAQ: FITB) is a top regional banking name that makes the grade at Jefferies, and it trades at a low 12 times estimated 2014 earnings. The company cleaned up some headline risk last year when it settled an SEC accounting charge issue. Plus, the bank reduced its common shares outstanding by 3%, as it repurchased a net $912 million in shares last year as well. The company recently enjoyed a nice $81 million gain on its sale of about 12% of the stock it owned in payment processing firm Vantiv. Investors receive a 2.4% dividend from this leading Midwest bank. The Jefferies price target is $24.The consensus target is $24.21. Fifth Third closed Tuesday at $21.54.

Intel Corp. (NASDAQ: INTC) is another top franchise pick trading very cheaply at 12.5 times estimated 2014 earnings. The venerable chip leader remains the largest semiconductor company in the world and controls nearly 80% of the microprocessor market. The $141 billion company is more than twice the size of its nearest competitor, Texas Instruments, and many times larger than most peers in the space. Its dominance in the market is maintained by a huge budget for research and development, with more than $10.7 billion in capital expenditures last year alone. The stock has been caught in a ratings tug-of-war on Wall Street, but many firms believe the Silicon Valley giant is poised to breakout of its multiyear slump.

A new commitment to smartphone and mobile applications, combined with a possible resurgence of PC growth this year may make Intel one of the best large cap value stock to buy. Investors are paid a solid 3.6% dividend. Jefferies has a $35 price target, while the consensus target is much lower at $26.98. Intel closed Tuesday at $28.24.

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Kohl’s Corp. (NYSE: KSS) is a top retail name to buy on the Jefferies list. This fall, the company will be launching two key national brands in its stores: Izod (for men) and Juicy Couture (for women). Also expected in the fall, the company plans a nationwide roll-out for the new customer loyalty program it has been testing. Plus, in an important move to increase Internet sales, Kohl’s will improve its e-commerce capabilities later this year. If a big turnaround is coming at Kohl’s, it will start this fall. Investors are paid a solid 2.9% dividend. Jefferies has a $62 price objective, and the consensus target is at $57.11. The stock closed at $53.23.

Micron Technology Inc. (NASDAQ: MU) posted very solid earnings for the first quarter and the stock was promptly down more than 15% in the tech sell-off, but it has rallied back strong. The company, which is a leader in DRAM chip sales and is one of the top Wall Street memory picks, has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports when Micron beat estimates by at least 35%, suggesting it has a nice short-term history of crushing expectations.

With demand for memory chips expected to increase steadily over the next five years, with Micron estimating 20% to 30% yearly increases in DRAM demand, and 30% to 40% increases for NAND, the future looks very bright for this top name to buy. Jefferies has a $32 price target, and the consensus target is $30.19. Micron closed Tuesday at $29.51.

Pfizer Inc. (NYSE: PFE) trades at a low 14 times earnings and is the top franchise pharmaceutical name at Jefferies. The company updated investors and physicians at a recent Wall Street conference on the Phase 2 trial results on palbociclib for advanced breast cancer. The doctors on the breast cancer panel at the conference were much more optimistic than previously about the possibility of palbociclib being filed and approved on Phase 2 data in first line advanced breast cancer. Preliminary/interim overall survival data was presented at AACR conference and was generally positive.

Pfizer’s investors are paid a 3.5% dividend. The Jefferies price target is $36, and the consensus target is $34.09. Pfizer closed Tuesday at $29.50.

The Jefferies franchise picks make good sense for long-term growth portfolios with a medium risk tolerance. The low P/E stocks may not have the beta jump that is in some of the hot momentum names, but they also are not likely to get crushed in a market sell-off. That makes sleeping at night much easier for investors.

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