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Power Play: Value amid the volatility

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Scott Wren, global strategist at Wells Fargo Investment Institute, told CNBC's "Power Lunch" on Wednesday his year-end 2015 target on the is between 20150 to 2250,.

He's also forecasting $128 in 2015 operating earnings, which represents an estimated six to seven percent growth from 2014.

Wren also believes the major issues driving markets in the coming quarters will be the Fed, ECB, global tensions, European and China growth.

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"Investors need to have a plan to put sidelined funds to work then execute that plan when the opportunity arises," Wren said. "Even small pullbacks can present an opportunity."

Wren remains overweight on the consumer discretionary, information technology and industrials sectors, but believes bonds are too "expensive" versus stocks.

"We continue to expect better domestic economic performance this year versus last," said Wren. "U.S. growth will come in modest but it is dependable. The rest of the world knows that,"

Wren is also encouraging investors to get off the sidelines and spend, spend, spend.

"The market is close to fair value, so now is the time to take that sidelined cash and put it to work, Retail investors are sitting on too much cash. Any type of pullback that pops up, we encourage our clients to step in."

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Firmly in the value camp, John Buckingham, chief investment officer with AFAM Capital, believes the key is to remain broadly diversified via exposure to a significant number of major market sectors and industry groups.

Buckingham told CNBC's "Power Lunch" Wednesday, he is "modestly overweight" on the firm's Russell 3000 benchmark in consumer discretionary, energy, materials and information technology sectors.

His top two equity value plays right now are data storage provider Seagate Technology and Trinity Industries, a rail-car manufacturer

Buckingham said he remains "modestly underweight" on the consumer staples, financials, health care, telecom and utilities sectors.

"U.S. equities are appealing right now, said Wren, "especially when you look at what the alternatives are."

Bargains out there: Pro