In fact, while both Tiffany and Nike warned about the strong dollar, they are two very different stories, she said.
"Nike has very strong underlying demand because even with double-digit declines when you factor in currency in Europe, they're still showing growth overall overseas. That means people want to wear their shoes," Mehta said.
Nike's earnings beat analyst expectations Thursday. The sports apparel retailer reported fiscal third-quarter earnings of 89 cents per share on revenue of $7.46 billion, versus projections for 84 cents per share on $7.62 billion in sales, according to a consensus estimate from Thomson Reuters.
Read MoreThis is why Nike stock is crushing it:Analyst
Nike also said it expects current-quarter sales growth to be in the "low double-digits," adjusting for currency fluctuations. When accounting for the stronger dollar, the growth is expected decrease by about 8 to 9 percentage points.
The company also has a lot of exposure in China, where it is expecting 22 percent growth, she added.
Tiffany's quarterly sales fell 1 percent in the fourth quarter ended Jan 31 and are expected to drop 10 percent in the current quarter ending in April thanks to the strong dollar, the upscale jeweler reported Friday.
Mehta said Tiffany was hurt by its exposure in Japan and Europe. On top of that, 40 percent of sales at Tiffany's flagship store in New York come from tourists, who aren't spending like they used to because of the currency conversion, she added.
Jeff Saut, managing director at Raymond James, also thinks small- and mid-cap stocks will fare better than large multinationals, noting that the indexes for such stocks are up more than the Dow Jones industrial average and S&P 500 this year.
Read More Here's a cheap way to play small caps
Small- and mid-cap stock growth "has also outperformed value," he said.
Saut noted that while the strong dollar will continue to impact hearings, "this is the kind of stuff you get around peaks and it looks to us and the indicators we look at that the dollar index is at least going to take a pause here if not pull back."
That said, he believes the euro will trade at parity with the dollar.
—CNBC's Karma Allen and Reuters contributed to this story.