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Old tech can be new again: BlackRock

Don't count them out just because they're old.

Companies such as Microsoft, Qualcomm and Intel still have legs, and their shares have room to run, BlackRock portfolio manager David Cassese said Monday on CNBC.

"You started out having attractive valuation, companies becoming increasingly dividend-focused, cash-return focused, and that's attracting attention. But ultimately, there are several of these old-tech companies that are going to cross the chasm," he said. "They're going to make it into the new-tech world where the world's going."

Cassese runs the BlackRock Equity Dividend fund (MDDVX), which earned a four-star rating from Morningstar and holds positions in Microsoft, Qualcomm and Intel.

Microsoft, he added, was a good example of a familiar name that will continue to do well.

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"They're pivoting the company toward where we're going," Cassese said, praising new CEO Satya Nadella. "He's taking the company to where the world is going, cloud, applications, Server and Tool. And, most importantly, they have the assets to compete there."

Cassese said on "Halftime Report" that he expected Microsoft to make a shift over the next year.

"It's highlighting those assets. It's taking the market's attention away from the consumer-based Windows business and showing the world Azure, and Server and Tools, and Office365," he said. "These are some amazing assets that make up 85 percent of the profits and this company, and those assets deserve a higher multiple."

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Intel was another familiar tech name that could improve its bottom line through its data center and "internet of things" businesses, Cassese said.

"Ultimately, we think this company could be a high single-digit grower and the dividend could grow that much, as well," he said.

By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.

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