Stock rally is 'a little extended': Jeff Saut

The current stock market rally is looking "a little extended," Rayomond James Chief Investment Strategist Jeffrey Saut said Thursday.

The S&P 500 has rallied about 12 percent since bottoming in February.

"I do think we go a little bit higher here, but we're 43 sessions into this buying stampede. It's pretty rare to get a buying stampede to go more than 30 sessions," Saut told CNBC's "Squawk Box."

Saut added that while stocks are overbought, any pullback will be small and equities will make new highs in the months ahead.

Saut sees GDP growth reasserting itself in the back half of the year, and says first quarter earnings should come in higher than the market expects.

Stephen Freedman, senior investment strategist at UBS Wealth Management Research, said he thinks stocks have upside potential in the long term. But he warned that the near-term drivers for equity markets — higher oil prices and a weaker dollar — are overextended.

Ultimately, investors need to be patient to see how fundamental macroeconomic drivers unfold, he told "Squawk Box."