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Analyst: This stock bounce may signal a comeback for tech in the near future

The technology sector has taken its share of hits this year, having fallen 2 percent, but Applied Materials' stellar trading day may signal a pending reversal in fortunes for the entire space, said Daniel Morgan, a Synovus Trust portfolio manager, on Friday.

"Semiconductor equipment is a preliminary … in terms of orders," he told CNBC's "Squawk Alley." "Hopefully, there's some momentum behind this, and we can start to get some traction."

Applied Materials popped nearly 13 percent Friday on the heels of better-than-expected earnings and tracked for its best trading day since 2008.

The stock was also the biggest advancer among S&P 500 tech stocks.

"The reason AMAT had such a good quarter is because you're starting to see the builds for the iPhone 8 for next year on the [organic light-emitting diodes] side. I think that would be a positive for the whole tech sector, if Apple starts to get healthy again," said Walter Price, Allianz Global Investors portfolio manager, in the same interview.

Apple shares gained more than 1 percent Friday.