I'd buy European stocks before US stocks in near term: Siegel

Longtime Wall Street bull Jeremy Siegel said Monday he sees more upside in the next three to five years from European stocks than in U.S. equities.

The Wharton School finance professor told CNBC's "Squawk Box" the continued turmoil in the financial markets is a buying opportunity for European stocks, following last week's vote by the United Kingdom to leave the European Union.

"Uncertainty buys you opportunities whenever we look out through history. I don't think this uncertainty is going to roll out into disintegration of the EU into something worse," he said.

Siegel predicted that no other countries will follow Britain's lead, especially those using the single euro currency. The U.K. stuck with its own currency, the pound, rather than adopting the euro.

Sliding back toward a 31-year low, the pound fell nearly 3 percent against the dollar on Monday, after Friday's 11 percent decline.

Europe stocks, lower again Monday, look "really cheap to me now," Siegel said. "I think it's selling for about 12 to 12.5 times earnings ... in a low interest rate environment." Investors willing to take chances during rocky times can make money, he said.

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