Stocks have further to climb over the next year because of strengthening fundamentals and improved sentiment, Kate Moore of JPMorgan Private Bank said Tuesday.
"There's still some pockets of value left," she said. "Look, we don't think the market's particularly expensive. I think most of the multiple expansion we've seen in the U.S. this year has come from people feeling like the tail risks are off the table, having more clarity on the macro outlook and the policy outlook.
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"And frankly, I'm really getting more confident that the corporate fundamentals will continue to be strong. So, we think the multiple expansion is justified. We think where we're sitting right now feels very comfortable, and we like being long."
On CNBC's "Halftime Report," Moore, who oversees $910 billion in assets as JPM Private Bank's chief investment strategist, said that her portfolio was "overweight" the U.S.
Looking forward, Moore said that she wanted to see increased capital expenditures from companies that had been "really, really cautious with their balance sheets."
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"If they want to see real growth and sustainable growth in 2014 and 2015, they need to start spending," she said. "And there's going to be secondary and tertiary impacts across economy, industries and sectors we think'll benefit."
Moore's macro view on the U.S. market is that it's fairly valued, Asia is cheap and Europe is improving.
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She also noted that investors had been more positive on the market.
"It's incredibly important what's happened to investor sentiment and psyche over the course of this year," Moore said.
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Moore added that for 2014, she was expecting 5 to 7 percent earnings growth in the U.S., 2 percent dividend yield growth and a half-point multiple expansion.The U.S. Treasury 10-year yield would be between 3.25 and 3.50 by year- end 2014, she said.