Morgan Stanley's Slimmon says the S&P 500 will near 5,000 by year-end — and names 3 stocks to buy

Morgan Stanley Investment Management's Andrew Slimmon believes markets are set for a "strong rally" by the end of the year. He told CNBC's " Street Signs Asia " on Tuesday that he believes the S & P 500 will be "closer" to 5,000 by then. If it reaches 5,000, that's an upside of nearly 13% from Monday's close of 4,433.

And I hear all the time: 'why should I buy equities when I can get 5% in fixed income' and that that is certainly true," he said. But while 5% in money markets look attractive, it could get painful for investors who are under-allocated in stocks if markets rise 15% to 20%, Slimmon said. Stock picks Slimmon is positive on three stocks to buy right now: Alphabet , industrial equipment rental firm United Rentals , and building materials firm CRH .

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