Why investors should continue rotating from growth into value stocks

Investors should stick with shifting from growth stocks, particularly those in the technology space, into value stocks, according to one market watcher.

Michael Bapis, partner and managing director of The Bapis Group at HighTower Advisors, said recently on CNBC's "Trading Nation" that value stocks will begin falling back into favor. Here are his reasons.

• Earnings are going to matter more going forward than they ever have, and their fundamental backdrops will become more important than the story of stocks' future valuation.

• High-flying technology names like Facebook, Amazon and Netflix have posted earnings that do not necessarily match their valuation, Bapis said, and their shares have been purchased more so on the prospect of future growth.

• The equities themselves will likely continue performing, he said, though the growth will become difficult to sustain. Bapis said he would begin rotating out of those names, at least a portion of an investor's original investment.

• Target is one name investors may look to for a value play at this point, he said. The stock is trading relatively cheaply to its historical valuations and offers a solid dividend.

Bottom line: After big upside seen in high-flying growth stocks, value stocks will soon become the better bet.