The S&P 500 is up about two percent since minutes from the last Fed meeting indicated a June interest rate hike is back on the table.
Ernesto Ramos, head of equities at BMO Global Asset Management, tells CNBC's "Power Lunch" on Thursday the pace and path of Fed tightening are still risks for the market.
"Investors have continued seeking capital protection and safety in this increasingly volatile environment, and while some defensive areas such as utilities may be getting expensive, we believe there remain attractive areas of the market that offer consistent earnings, lower downside risk, and reasonable valuations," Ramos said.
One name Ramos likes right now is AutoZone. "It dominates the do-it-yourself market, targeting owners of older vehicles that are no longer covered by manufacturer warranties. AutoZone enjoys steadily growing earnings, thanks to the rising age of cars on the road, now at an all-time high of 11.4 years," Ramos said.
AutoZone is up 11 percent over the past year.