A top tech analyst is betting on a rebound, not a recession, and says these stocks are his best bets after the market's correction

Like Alphabet, video game publishing giant Activision Blizzard posted a positive return in each of the last four rebound periods, according to Sebastian's data. But it saw a much stronger bounce than Google's parent.

On average, Activision's stock was trading 19.4% higher six months after the correction. But with that stronger performance came more volatility. Its standard-deviation figure was 0.09 — nearly double Google's.

Sebastian has an overweight rating on Activision and a target price of $85. In recent trading, its stock was at $45.65.

Amazon actually isn't in the select group of companies that showed positive returns in the six months after each of the most recent corrections. And its volatility in those periods has been much higher than most of the other stocks Sebastian covers; its standard-deviation figure for the rebounds is 0.24.

But Sebastian thinks it's a great bet anyway. In his universe of stocks, Amazon had the highest average return over those four rebound periods. Its mean six-month rebound was 30.1%.

Sebastian has an overweight rating on Amazon and a target price of $2,100. In afternoon trading, its stock was at $1,437.91.

Take-Two Interactive, which owns and publishes the "Red Dead Redemption" and "Grand Theft Auto" franchises, hasn't posted huge returns in the rebound periods Sebastian studied. On average, its stock appreciated 9.8% in the six-month periods after the most recent corrections.

But it's been a steady performer, with little volatility. Its standard-deviation figure was just 0.07 during those periods, tied for second least in Sebastian's universe.

Take-Two has an overweight rating from Sebastian, who has a $145 price target on its stock. In recent trading, the company's shares were at $102.75.

At least by Sebastian's analysis, Facebook has a lot to recommend it. Its one of three companies whose shares appreciated in each of the last four rebound periods after a correction. On average, its stock was up 15.4% six months after those downturns. And it had very little volatility in those recoveries; its standard-deviation figure was just 0.07.

But it didn't make Sebastian's cut of best bets because of all the controversy that continues to surround the company.

"There are likely lingering overhangs impacting Facebook shares (e.g. data/privacy, slowing growth/usage, declining margins, leadership questions) that could dampen the recovery, without a clean quarterly beat and/or substantive evidence that the company is emerging from crisis management," Sebastian said in his note.

Still, he has an overweight rating on Facebook's shares and a $195 price target. In recent trading, the company's stock was at $132.29 a share.