US stock market is still a value play, experts say

Should you get out of US equities?

Investors thinking of fleeing American stocks should stay put, market watchers said Tuesday.

"In our opinion, the bull market continues in the U.S. and it's a good place to put your money," said Julian Emanuel, a U.S. equities and derivatives strategist at UBS, which holds about $150 billion under management in the Americas.

Earlier on Tuesday, veteran investor Mark Mobius told CNBC that investors should get out of U.S. stocks amid a sluggish earnings season and disappointing performance relative to emerging markets. For instance, the MSCI Emerging Markets Index has jumped 9 percent year to date, compared to 2 percent for the .

Read MoreTime to get out of US stocks: Mobius

"Expansion isn't really there except in the tech space," said Mobius, executive chairman of Templeton Emerging Markets Group.

Traders work on the floor of the New York Stock Exchange.
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Emanuel told CNBC's "Power Lunch" that he sees American stocks catching up to the rest of the globe. International equities could fall back as developments in Greece's debt crisis and other events fuel uncertainty, he said.

American stocks may suffer more this year, but a broad drop would only give more reason to keep money in the U.S., said Paul Dietrich, CEO and CIO of Fairfax Global Markets. U.S. equities could shed 10 percent in the summer or fall, he added.

"We need a 10 percent correction and that would be a great buying opportunity for investors," Dietrich told "Power Lunch" on Tuesday.

Read MoreGlobal stocks may not be the bargain they appear

He noted that Asian emerging markets seem overvalued, while U.S. equities are "strong and growing."