"For the sector broadly we downgraded industrials back in February and remain on the sidelines.
"The industry overall is going to have a rough time in the short term for those construction companies that have exposure to the energy market and the basic materials market — those capital expenditure budgets have been cut drastically by those companies," Petrides said during the same segment. However, he does see hope over the longer period, especially for the larger companies in the industry.
"The larger players will use their size and scale to pick up market share, and there will be a rebound," Petrides said. "And every day that the economy is shut down it means that infrastructure gets older and they're going to have to rebuild infrastructure in the future, so we do think there will be pent-up demand."
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