Wells Fargo’s (NYSE: WFC) Chris Harvey expects value stocks to be big winners in the second half of 2019. Harvey calls it a “pretty big departure” from his former stance, acknowledging he didn’t miss many opportunities to dismiss the group as a profitable play over the past two years, according to CNBC.

The Russell 1000 value, an indicator of large value stocks of U.S. companies, closed in bear market territory on Christmas Eve. It hit its all-time high in January of last year. Just like the overall market, the index has recovered since its December 24 low - up 5% since then.

Although Harvey is switching his stance on value, he isn’t predicting a sustainable turnaround will happen overnight, as per CNBC.

“We’re at three to six months away from that point of inflection. We think there’s a little bit more row to hoe,” he said. “What we’re looking for is some point of inflection. And, we’re looking from something in the macro — whether it’s the yield curve flattening or credit spreads coming down or whether its the Fed.” he later added.

Fourth quarter earnings season will be an integral part of Harvey’s value stock comeback forecast.

“Expectations to a certain degree, we think, are still too high. If they can lower guidance, if they can manage expectations going forward, we think they can step over some lowered guidance, “ he said. “We think they can make money as they go forward.”

Harvey expects REITs and food, biotech, beverage and tobacco could all see considerable gains among value plays, which typically represent stocks that are trading below their fundamentals and priced under their peers, as stated by CNBC.