Barclays says buy these 33 beaten-down stocks that are perfectly poised to capitalize on the reopening of the economy in the years ahead

Barclays Traders NYSE

Summary List Placement

Vaccines offer society a route back to normality, and for investors they present an opportunity to buy those stocks that were badly beaten down in the pandemic and stand most to gain as the economy reopens and consumers start leaving their homes more.

Barclays has taken a look at some of the airline, cruise line and hotel and entertainment stocks, as well as fashion retailers, food and beverages firms, and some attractively priced value names that are still a long way off where they were before the pandemic struck in February last year, although they're comfortably above their recent lows.

For example, the MSCI European value index has gained 42.95% since the March crash, but it's 14.37% lower year-on-year, compared with a 5% gain in the broader MSCI Europe index, which leaves scope for a significant further recovery as vaccination programs across Europe start to curb virus transmission levels and suppress infection rates.

Several major European economies, including the UK, Germany, France and Spain, still have tough restrictions and lockdowns in place. But successful vaccination will allow activity to return to normal. Barclays has identified 33 stocks across several different sectors, that "offer potential value on a multi-year horizon," the firm said in a note published Wednesday.

Many of these stocks are still showing double-digit percentage losses on where they traded a year ago. But there's a caveat. Many of the longer-term structural implications of the pandemic are unknown, meaning that not all businesses will be able to go back to the "old normal," Barclays said.

Here are the 33 stocks that Barclays believes should gain over the longer term, as vaccinations allow governments to lift restrictions.