With earnings for the third quarter still rushing in fast and furious, analysts and strategists on Wall Street are also starting to get some color from companies not only on the fourth quarter, but for 2016 as well. The bottom line for investors: a timid Federal Reserve may push out the first interest rate hike to March, but high multiples may be less and less tolerated.

Each week we cover the new value calls from the analysts at Jefferies, and more and more, some of the calls may look surprising as some solid big blue chips companies are becoming so cheap on a multiple basis they are ending up in the value arena. This is the best of both worlds for investors when large cap growth companies become inexpensive enough to have a value call.

Here are four of this week’s value stocks to buy from Jefferies. All are rated Buy.

AbbVie

This is a top global pharmaceutical stock to buy at Jefferies and a franchise stock pick. AbbVie Inc. (NYSE: ABBV) is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases. AbbVie employs more than 26,000 people worldwide and markets medicines in more than 170 countries

The stock fell 10% last Thursday after the FDA warning about liver risk with the company’s hepatitis C (HCV) products. However, Jefferies points out that this applies to a small sub-population of cirrhotics who are 3% to 5% of the total patient population. Additionally, the next generation HCV product could be launched as early as 2017, and even if the entire Viekira Pak/Technivie business were lost over the next two years, it represents only 4% of net percentage value.

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With numerous clinical read-outs for the stock over the rest of 2015, many on Wall Street think that over time the stock could have anywhere from $15 to $25 per share upside from current levels. The Jefferies report points out that several updates on the Humira franchise are expected in 2015, including more visibility on the issued and pending patent estate for Humira and an update on the clinical profile of “new Humira,” which is expected to launch in the last half of 2015. EU approval is expected by the end of this month.

AbbVie investors are paid a huge 4.05% dividend. The Jefferies price target is $85, among the highest on Wall Street. The Thomson/First Call consensus target is much lower at $74.07. Shares closed Monday at $51.87.

CA

Jefferies feels this company reported solid numbers this week and new business is growing faster than renewals. CA Inc. (NASDAQ: CA) provides information technology (IT) management software and solutions that help organizations plan, develop, manage and secure applications and IT infrastructure in the United States and internationally.

This week CA reported fiscal second-quarter profit of $174 million. Adjusted earnings were right in line with Wall Street expectations. Although revenues were slightly lower, the overall quarter was solid. Forward guidance also remained in line with forecasts.

Jefferies feels that with growth outpacing renewals, which is a requirement for revenue growth, its main thesis on CA has been that the stock is not priced for growth, having little downside if it doesn’t achieve growth, but good upside if it does.

CA investors are paid a very solid 3.6% dividend. The Jefferies price target is $38, and the consensus target is lower at $29.32. The stock closed most recently at $27.88.

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Dish Network

Not only is this an outstanding value, the company remains a very attractive takeover candidate. Dish Network Corp. (NASDAQ: DISH), provides approximately 13.9 million pay-TV subscribers, as of June 30, 2015, with the highest-quality programming and technology with the most choices at the best value. Subscribers enjoy a high-definition line-up with more than 200 national HD channels, the most international channels and award-winning HD and DVR technology.

The Jefferies team thinks that the company holds some of the top high band frequencies that other carriers may be very interested in leasing. They note that Verizon in particular, which reported earnings last week, may be looking to add those frequencies, and the analysts continue to believe that a solid leasing deal could emerge.

The Jefferies price target is a monster $100, and the consensus target is much lower at $74. Shares closed on Monday at $62.29.

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VMware

This stock reported very solid numbers but is down huge over the past two weeks, dropping 30% since the Dell-EMC deal was announced. VMware Inc. (NYSE: VMW) is a global leader in cloud infrastructure and business mobility. Its industry-leading virtualization technology solutions deliver a brave new model of IT that is fluid, instant and more secure. Customers can innovate faster by rapidly developing, automatically delivering and more safely consuming any application. With 2014 revenues of $6 billion, VMware has more than 500,000 customers and 75,000 partners.

The company is adding enterprise license agreements at a furious pace, and cloud management tools are now 16% penetrated into the customer base, with plenty of room to grow. The bottom line: this company is back, and back with a vengeance. But the stock still is trading almost 37% below highs printed in April of 2014.

Of course the big issue is how many of the company’s shares will hit the tape as a result of the Dell deal with EMC, which was a concern even before the deal surfaced. Jefferies feels that VMware will continue to trade at a discount to intrinsic value because of the overhang, but it sees big upside to the stock from current trading levels. In fact, with the big drop recently, the stock is now trading at levels the analysts assign to the value of its existing maintenance stream.

The Jefferies price target is $83, and the consensus target is posted at $77.71. The shares closed Monday at $59.74.

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The Jefferies analysts are focusing on companies with solid balance sheets, good forward estimates and low valuations. These are the traits that investors should start to look for as the market gets ready to move away from the ultra-low interest rate environment of the past six years.

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