With earnings for the third-quarter finally slowing down, analysts and strategists on Wall Street also are 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 increasingly 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.

Oracle

This old-school large cap tech stock is very reasonable valuation-wise, but it turned in earnings recently that missed Wall Street estimates again. Oracle Corp. (NASDAQ: ORCL) trades at 13.9 times estimated 2016 earnings, and still provides solid free cash flow yield. Oracle plans to make almost all of its services available via the Internet, as the database-software company changes its business model to fit a new competitive landscape. Around 65% of Oracle’s products are available on the cloud today, and that is expected to climb to 95% by the end of this year.

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The stock is down almost 15% so far this year, and many on Wall Street expect version 2 of the 12c database to drive an Exadata product cycle, and simply don’t believe that’s sufficiently discounted in the stock. Some firms did lower the near-term cash flow because of the cost of the very aggressive move to the cloud, but they are boosting long-term growth metrics. Jefferies analysts attended the recent OpenWorld conference and Oracle’s analysts day and came away impressed and also noted that the 12C database version 2 has been released in beta form.

Oracle investors receive a 1.54% dividend. The Jefferies price target for the stock is $50, and the Thomson/First Call consensus target is $44.09. Shares closed Monday at $39.75.

T-Mobile

Jefferies believes shares of this carrier should be bought on any near-term weakness. T-Mobile US Inc.’s (NYSE: TMUS) advanced nationwide 4G LTE network delivers outstanding wireless experiences to approximately 59 million customers through its subsidiaries and operates its flagship brands, T-Mobile and MetroPCS. While T-Mobile had preannounced solid subscriber trends, it delivered mediocre third-quarter earnings and the stock sold off 6%.

Jefferies feels this is the dip investors need to take advantage of. The analysts think that the forward guidance may end up being very conservative, and trading at a low five times 2016 enterprise value/EBITDA, the stock offers a compelling entry point at current levels. The current trading area is a bottom the stock has tested numerous times since the spring.

The Jefferies price target is $45, and the consensus target is $46.61. The shares closed Monday at $38.29.

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Schlumberger

This is hardly a company that many investors would view as a value stock, but given the debacle in the energy sector over the past year, the decline in share prices has pushed it there. Schlumberger Ltd. (NYSE: SLB) remains the largest oilfield services company in the world for now, with far-reaching operations around the globe. It could be poised for years of solid growth despite the huge turndown in oil pricing.

Jefferies and a host of other Wall Street analysts think the company will continue to drive margins on execution, technologies and efficiencies. Russia, Saudi Arabia, Iraq and China are expected to be the strongest markets, if geopolitical concerns remain somewhat in check.

Schlumberger announced in August it planned to buy oil field services giant Cameron International in a deal expected to cost about $12.7 billion in cash and stock. Jefferies noted what it terms the company’s “drive to disrupt the status quo,” which includes transformation initiatives like the gigantic purchase of Cameron. Jefferies actually raised the price target and forward estimates as it sees lower capital needs. Trading at a low 6.6 times the firm’s normalized EBITDA estimates, the stock looks cheap.

Investors receive a solid 2.56% dividend. The Jefferies price objective is $88, but the consensus is slightly higher at $89.84. The shares closed Monday at $79.43.

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Teva Pharmaceuticals

This generic giant could be giving investors the best entry point in years. Teva Pharmaceuticals Industries Ltd. (NYSE: TEVA) is a leading global pharmaceutical company that delivers high-quality, patient-centric health care solutions.

The world’s largest generic medicines producer leverages its portfolio of more than 1,000 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has a world-leading position in innovative treatments for disorders of the central nervous system, including pain, as well as a strong portfolio of respiratory products. The company integrates its generics and specialty capabilities in its global research and development division to create new ways of addressing unmet patient needs by combining drug development capabilities with devices, services and technologies.

The company is planning to raise as much as $7 billion by selling new stock this year to help fund its purchase of Allergan’s generic drug business. Teva ended its hostile bid for Mylan back in the summer, opting instead to buy Allergan’s generic-drug business for $40.5 billion in cash and stock to bolster its position as the world’s largest maker of generic drugs. The company entered into a $33.75 billion bridge-financing facility with a group of 10 banks, including a senior unsecured loan of as much as $27 billion and about $6.75 billion in equity bridge financing.

Teva shareholders receive a 1.93% dividend. The $77 Jefferies price target is lower than the consensus target of $78.14. The stock closed Monday at $60.82. Investors may want to wait for the huge share sale to be completed, as the price while almost undoubtedly drift lower.

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Jefferies focuses 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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