While the market has a shortened three and a half day trading week, many savvy and seasoned investors use the Thanksgiving break as a time to review their portfolios. It turns out that many of those investors make some changes to their holdings for tax purposes and for positioning themselves for the coming year.

While none of the major firms we cover on Wall Street have specifically predicted negative trends for 2016, the bull market is now nearing its seventh year and some investors have started considering a rotation into value rather than just chasing the top growth stocks that have done so well.

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 three of this week’s value stock to buy from Jefferies. All of these have Buy ratings at the firm, along with upside projected by the firm.

CBS

This large cap broadcaster has taken a beating this year, but has bounced off the lows and could be an incredible value. CBS Corporation (NYSE: CBS) may be in the best position of all the broadcast networks with an outstanding prime time lineup, solid sports franchises like the NFL, March Madness College Basketball, The Masters and other top programming, the venerable network could once again be an outstanding stock for shareholders.

CBS is now in the midst of a significant stock repurchase process, and many on Wall Street expect CBS to shrink its share base by ~25% over the next two years. That is no small chump change.

The Jefferies team points out that network advertising and strong content licensing revenue drove the upside in the third quarter earnings which beat consensus estimates despite a slight revenue miss. Similar to the broadcasting giants rivals, many analysts expect CBS to look to book content licensing more evenly over the year and into 2016. Trading at just 12 times 2016 estimated earnings, the stock is cheap.

CBS shareholders are paid a 1.25% dividend. The Jefferies price target is posted at $62, and the Thomson/First Call consensus figure is just a tick higher at $63. Shares closed yesterday at $50.98.

ALSO READ: 4 Top Merrill Lynch Pharma Stocks for 2016

Regions Financial

This is a smaller banking play that could do well next year as rates start to rise. Regions Financial Corporation (NYSE: RF) is a name that almost every Wall Street firm likes, but has traded sideways to down since this time last year. The company is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services.

Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,630 banking offices and 2,000 ATMs. One very positive area for the bank this year has been the growth in loans that came primarily from business lending, which was led by its commercial and industrial segments. Regions also has experienced especially strong growth in auto lending, which was driven by an expanded dealer network and more accepted loans per dealer.

In the past Jefferies has pointed to awful sentiment toward the stock due to bad communication from senior management, and trading at 11.8 times 2016 estimated earnings the stock is a solid value play.

Regions Financial’s common stock investors are paid a 2.38% dividend. The Jefferies target is set at $11, and the consensus figure is at $11.17. Regions closed Monday at $10.08.

Mallinckrodt

This company has been on a mergers and acquisitions binge over the last two years, but got rocked recently when concerns over the company’s business model and results. Mallinckrodt plc (NYSE: MNK) is a global specialty biopharmaceutical and medical imaging business that develops, manufactures, markets and distributes specialty pharmaceutical products and medical imaging agents.

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Areas of focus include therapeutic drugs for autoimmune and rare disease specialty areas like neurology, rheumatology, nephrology and pulmonology; neonatal critical care respiratory therapies; and analgesics and central nervous system drugs.

The Jefferies team thinks that the sell-off last week was an excellent opportunity to grab shares, and while they lowered estimates earlier this year the stock still trades at an incredibly cheap 7.2 times 2016 numbers. The analysts also believe that the company has no ownership in any specialty distributors.

The company posted outstanding earnings yesterday after the close, and despite the rise is the shares, there is still tremendous value for patient investors.

The Jefferies price target for the stock is posted at $85, and the consensus is higher at $98.40. The shares closed Monday at $66.10 up over 8%.

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By many traditional metrics, these may not look like true value stocks to some investors. The Jefferies team has indeed found stocks that at current trading levels offer investors great value and upside potential along with solid fundamentals.

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