Technology stocks were the initial victim after Donald Trump won the race to the White House, but the recent decline in notable names could see a reversal.
Speaking as a guest on CNBC's "Squawk Box," Saira Malik of TIAA Global Asset Management suggested that many investors sold technology stocks following the elections to better position themselves to sectors that are believed to be poised to surge during a Trump presidency.
Specifically, investors are assuming the Trump administration will make good on its pledge to heavily spend on infrastructure projects. As such, investors are using technology stocks, especially Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL), as a source of funds to buy companies such as Parker-Hannifin Corp (NYSE: PH).Parker-Hannifin is a manufacturer of motion and control technologies and systems, which Malik touts as being a "high quality company" that should outperform.
MALIK LIKES ALPHABET Malik further argued the selloff in technology stocks appears to be overdone, and investors are looking to jump back into the space.Malik stated that she is attracted to Alphabet as online media continues to take market share away from more traditional media sources. She added that the company could grow earnings per share at a rate of 20 percent and reach $50 per share in 2018, and the stock is now trading at a discount to the growth rate.At last check, GOOG shares of Alphabet were up 2.85 percent at $757.15, while GOOGL shares were up 2.39 percent at $771.21.