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Investors should look hard at these outside-the-box value stocks, Bernstein says

An Olive Garden restaurant in Laguna Hills, California

Scott Mlyn | CNBC

(This story is for CNBC Pro subscribers only). 

After value stocks rallied sharply to close the gap with growth stocks, Bernstein said it is time to take a more nuanced approach to value investing. 

The firm said in a new note that it is skeptical of the market’s rise in prior weeks but still believes some value names have further to climb, focusing on stocks outside of the financial and energy sectors

By excluding those sectors, the firm said, “we hope to find stocks that (a) still have further to go after the recent value rebound and (b) have a case that is rooted in the fundamentals of the business rather than purely being a macro call.” 

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