As we mentioned last week, when the market sells off hard, the top firms on Wall Street usually circle the wagons and ask the analysts to come up with their best current ideas that can be presented to institutional and top retail accounts. Cowen asked the analysts which stocks should be on their shopping lists, and which companies they were getting the most constructive inbound calls on. We screened those stocks for the ones with the biggest upside potential.

All of the stocks on the list are rated Outperform at Cowen.

Altria Group Inc. (NYSE: MO) is a top tobacco name to buy, and the company’s Marlboro brand is one of the most recognizable in the world. The Cowen analysts believe the stock has solid downside support, owing to the generous dividend yield, which remains at a huge premium in relation to the 10-year Treasury rate. Cash flow generation and the return of cash to Altria shareholders remain key facets of the company’s total shareholder return, and the analysts expect support of the strong dividend, which they believe will continue to climb and strong share repurchase activity ($800 million estimated in 2014).

Altria shareholders are paid a 4.5% dividend. The Cowen price target for the stock is $53. The Thomson/First Call estimate is posted at $45.67. Altria closed Monday at $46.42 a share.

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Biogen Idec Inc. (NASDAQ: BIIB) is one of the top stocks to buy at Cowen, and many on Wall Street expect the biotech giant to beat current earnings estimates when it reports Wednesday. Some analysts are predicting that its Tysabri earnings will have a meaningful jump this year and beyond. Biogen also recently released data on a monoclonal antibody called BIIB033, which is safe and tolerable in people, according to the combined results of two Phase 1 clinical trials that tested high doses in healthy people and those with multiple sclerosis.

Recent reports also point to strong sales trends for Biogen’s Tecfidera drug, which could meaningfully impact this quarter’s numbers. The Cowen price target is $389. The consensus target is $376.76. Shares closed up smartly Monday at $311.41.

FedEx Corp. (NYSE: FDX) is a top transport name that makes the Cowen shopping list. FedEx provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $46 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. With unprecedented international growth, and the shares lower after the sell-off, the stock makes good sense now.

FedEx shareholders are paid a small 0.5% dividend. The Cowen price target is a massive $210, and the consensus figure is at $175.30. The stock closed trading on Monday at $155.87.

King Digital Entertainment PLC (NYSE: KING) could have huge upside for investors. King has tortured investors with everything from a lousy IPO to a huge special dividend return of capital that crushed the share price. The fact of the matter is the company’s numbers speak for themselves, as they dominate much of the mobile gaming arena.

The Cowen team estimates $380 million in mobile revenue for the quarter, and total revenue of $523 million (including Facebook). They are also of the opinion that King may very well report upside to their estimate, based on improved chart performance in September versus July and August. With four titles in the top 10 (Candy Crush, Farm Heroes, Pet Rescue and Bubble Witch 2) and the September launch of the very popular Diamond Digger Saga steadily climbing and recently reaching the top 20. Plus, the new Candy Crush Soda Saga should be launching on Facebook and could prove to be huge.

The Cowen price target is a staggering $27, and the consensus target is a very respectable $17.56. Shares closed trading on Monday at $11.59. King is expected to report earnings in early November.

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Teva Pharmaceuticals Industries Ltd. (NYSE: TEVA) makes the Cowen list and is one of the world’s largest generic drug manufacturers. Teva is well positioned to take advantage of the high number and dollar amount of branded drugs going off-patent over the next few years. That plus a generally favorable demographic picture makes the overall pharmaceutical industry prospects very bright going forward.

Teva shareholders are paid a 2.30% dividend. The Cowen price target is $70, and the consensus estimate is $60.68. Shares ended trading on Monday at $51.69.

Jazz Pharmaceuticals PLC (NASDAQ: JAZZ) expects adjusted earnings for 2014 in the range of $8.00 to $8.25 per share. Analysts are at $10.09 for 2015. That in itself is a reason to buy the stock, let alone the significant drop in price, over 15% in the past 30 days. The company is a specialty biopharmaceutical company that identifies, develops and commercializes pharmaceutical products.

Currently Jazz is developing JZP-110, an investigational compound, which is in clinical development for the treatment of EDS in patients with narcolepsy, and JZP-386, a deuterium-modified analog of sodium oxybate products that is under pre-clinical research and development and is intended for the treatment of narcolepsy patients.

The Cowen price target is $190, and the consensus target is $182.22. The stock closed trading on Monday at $152.39 a share.

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While not all the Cowen shopping list stocks are suitable for conservative accounts, they all are top companies in their respective fields. The pullback in price makes them even more attractive now, and cautious investors may want to buy partial positions in case October gets spooky again as we approach Halloween.

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