Markets tumbled Friday, but one portfolio manager told CNBC he expects the "garden variety pullback" to be short-lived. In fact, he's predicting the Dow Jones industrial average could hit 20,000 by the end of the year.
"These corrections tend to act as springboards for higher levels because liquidity is still a factor, but now earnings and very good revenues here now are really driving this market for the long haul higher," said Gene Peroni of Advisors Asset Management in an interview with "Power Lunch."
Peroni's prediction echoes that of longtime bull Jeremy Siegel, who has been calling for the Dow to hit 20,000 by the end of 2015. Earlier this week, the Wharton School finance professor told CNBC he still considers Dow 20,000 fair market value, but said it may not get there by December.
"It's the first time I've been cautious in a while," he said in a "Squawk Box" interview on Monday.
Jordan Posner, managing director and senior portfolio manager at Matrix Asset Advisors, is expecting volatility this year, but also thinks the market will end higher.
"We would use kind of the downside volatility to pick your spots in the names that you like that are now going for sale," he told "Power Lunch."
"We expect that the market by the end of the year will probably be up in the high single digits."
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Posner likes economically sensitive sectors, like cyclicals, financials and energy.
"We do think the companies that are well-positioned in terms of their resources and are very well-capitalized over time will do quite well," he said.
The sectors Peroni likes are those that have already been established as leaders: technology, health care, industrials, consumer discretionary and consumer staples, he said. Peroni thinks food stocks look interesting as well.
"The sectors that are doing well range from the most traditional cyclicals to some of the most defensive growth categories," he said. "I don't think that this is the kind of market characteristic that you would see at a top."
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—CNBC's Stefanie Kratter and Matt Belvedere contributed to this report.
Disclosure: Advisors Asset Management owns Activis and Avago. Jordan Posner owns American Express and Eaton in a fund.