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Investors should be on the lookout for energy stocks, according to Morgan Stanley's chief market strategist.
Adam Parker told CNBC's "Squawk on the Street " on Friday that the time to buy energy stocks is now. "Energy stocks are cyclical," he said. "All seven times they've gone down this much in the past, they've subsequently outperformed six months later."
Investors should not wait for energy stock earnings to hit bottom to start buying energy stocks, Parker also said. "You have to be early," he said. "You have to buy them two to three months before the earnings revision bottom. You can't wait for them to bottom. [Once they bottom], the stocks are off to the races."
Parker added that he believes energy stocks will rise because of their valuation. "If you look at price-to-book [ratio], ... historically, it's the most effective metric of predicting subsequent return in energy," he said. "The stocks are pretty cheap. You have to be buying them on a belief that oil will be higher 12-to-18 months down the line."