Investors should not only treat Monday's selloff in U.S. equities as a "natural phenomenon," but also as a chance to grab some big-name stocks, said Bank of America Merrill Lynch's head U.S. equity strategist.
In an interview with CNBC on Monday, amid a heavy, triple-digit selloff on Wall Street, Bank of America's Savita Subramanian said some marquee names with global diversification look cheap after several days of losses. Her comments come as market observers wonder whether the recent stock market correction in Japan could happen in the U.S.
"I do see this as a great buying opportunity for some of the higher-quality names in the S&P 500 that have sold off on emerging market exposure," Subramanian said on "Squawk on the Street." "Or have sold off just because they had a whiff of exposure in these regions that are flashing some dangerous signals."
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Barry Knapp, the head of U.S equity portfolio strategy at Barclays, remained unconvinced that the market presented smart buying opportunities just yet. If the S&P 500 reaches 1,700, however, that could change his mind.