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

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'Year-over-year quarterly earnings are going to inflect from negative to positive after Q3. Historically, this is greeted positively by equities,' he says.

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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