It’s been a difficult year for stocks as the Federal Reserve’s rate-hiking campaign and fears of a recession ahead largely pummel growth-oriented areas of the market. But despite a rough 2022, Jefferies says it’s time for investors to consider putting their money back in some “fallen angels” with solid fundamentals and a decent growth trajectory ahead. “While some of the derating in growth stocks is likely structural, there are also cyclical components such as risks related to slowing economy,” the firm wrote in a note to clients Sunday. “In particular, stocks that have witnessed a significant correction and are now trading at trough valuations compared to their own history while still exhibiting relatively better earnings momentum and quality characteristics compared to their peers, are likely to see the most investor interest.” To find these so-called “fallen angels,” the firm searched for quality names that have undergone a significant correction, trading down more than 25% from their 52-week highs. Despite slumping shares and valuations trading near 10-year lows, these names offer a 10% return on invested capital, and more than 15% return on equity over the next two years. Shares are also trading relatively cheap, at less than 20 times forward price-to-earnings and offer decent earnings momentum ahead. Here are some of the names that made the cut: Several beaten-up technology names came up, including Qualcomm . The semiconductor stock, down more than 40% this year, shared a weak outlook for the current quarter in its earnings results last week and said it’s implemented a hiring freeze. Despite the dropdown in the stock price, shares are expected to bring a 58.2% return on equity and 52.4% return on invested capital and trade cheap at 8.8 times forward earnings, Jefferies found. On the tech front, Jefferies’ screen also included shares of PayPal . Despite slumping 59% this year, the stock offers a 21.9% return on equity. While the payments company recently shared a weaker-than-expected revenue outlook for the fourth quarter , it said last week it plans to add its PayPal and Venmo cards to Apple Wallet. Shares trade at nearly 17 times forward earnings, Jefferies found. A slew of consumer discretionary stocks also made the cut, including Hasbro and Tapestry . Toymaker Hasbro, down about 38% in 2022, recently shared quarterly results that missed earnings expectation s as it grapples with high inventories and rising inflation. Shares trade at about 12 times forward earnings. Home Depot , 3M and Southwestern Energy were also among the names included in Jefferies’ screen. — CNBC’s Michael Bloom contributed reporting