Investors are already sifting through the Brexit rubble for stocks unfairly caught in the market turmoil.
Stocks rebounded a bit on Tuesday, making up some ground lost after the U.K. vote to leave the European Union that erased a record $3 trillion from global stock markets.
There are signs that investors of all stripes -- from regular Americans to Wall Street -- are involved in the bargain hunting. Fidelity and free trading app Robinhood reported a surge in retail client activity through Monday, with way more people buying than selling.
But if the post-Brexit bounce continues -- and there's no guarantee it will -- not all stocks will enjoy the same recovery. For instance, big U.S. banks continue to face real challenges that have only been worsened by the situation in Europe. Others stocks may have been wrongly punished amid all the chaos.
That's why Morgan Stanley analysts scoured the investing universe for stocks they love that plunged on Friday -- despite "fundamentals that suggest the reaction was unwarranted."
Related: How low can bond rates go after Brexit?
For instance, the firm believes the slump for T-Mobile US (TMUS) since Friday makes little sense. After all, the wireless provider run by John Legere has zero international exposure. That means the U.K. vote won't impact T-Mobile's recent market share gains in the U.S.
Wynn Resorts (WYNN) also got caught up in the Brexit turmoil, plunging 13% through Tuesday. Yet Wynn's casino properties have few visitors from Europe and the U.K. Less than 1% of its Macau resorts are from Europe and just 5% of its Las Vegas casinos are from the continent, Morgan Stanley estimates.
"We believe the post-vote weakness created an opportunity to add to positions," Morgan Stanley wrote in a research report.
Here's a list of the top 20 stocks by market valuation that Morgan Stanley is telling clients to buy on Brexit-related weakness:
1.) Apple (AAPL)
Stock performance since June 24 Brexit results: -4%
2.) Google (GOOGL)
Since June 24: -4%
3.) Amazon (AMZN)
Since June 24: -2%
4.) Facebook (FB)
Since June 24: -3%
5.) IBM (IBM)
Since June 24: -7%
6.) Amgen (AMGN)
Since June 24: -4%
7.) Allergan (AGN)
Since June 24: -4%
8.) Starbucks (SBUX)
Since June 24: -3%
9.) Lowe's (LOW)
Since June 24: -1%
10.) Charter Communications (CHTR)
Since June 24: -4%
11.) T-Mobile US (TMUS)
Since June 24: -3%
12.) Alexion Pharmaceuticals (ALXN)
Since June 24: -8%
13.) CBS (CBS)
Since June 24: -4%
14.) ConAgra (CAG)
Since June 24: -2%
15.) Synchrony Financial (SYF)
Since June 24: -9%
16.) Devon Energy (DVN)
Since June 24: -8%
17.) Concho Resources (CXO)
Since June 24: -9%
18.) Verisk Analytics (VRSK)
Since June 24: -4%
19.) L-3 Communications (LLL)
Since June 24: -8%
20.) Wynn Resorts (WYNN)
Since June 24: -13%