NEW YORK (TheStreet) -- Tech stocks have taken a beating since Donald Trump was elected president last week as investors weigh concerns about his anti-trade rhetoric throughout his campaign.
Piper Jaffray's Gene Munster released a note this morning saying that the current dip in tech stocks has created is a "buying opportunity" for Apple (AAPL) and the members of big-cap tech group FANG, including Facebook (FB) , Amazon.com (AMZN) , Netflix (NFLX) and Alphabet (GOOGL) . Munster joined CNBC's "Power Lunch" on Thursday afternoon to talk about the call.
The firm can make "this kind of lump or basket-type of a call" because the tech selloff has been "pretty consistent across the board," Munster noted. All of the stocks are down because Trump's comments were "broader" and talked about the Internet and tech space in general.
Piper Jaffray isn't worried about a bubble mentality because "each company is unique in terms of how they're playing into this," he said.
"I was an analyst during the bubble and learned a lot of lessons about not kind of playing into the group think but there is a distinction here between these past bubbles," Munster noted. "I think each of these companies has some really bright outlooks.
Apple in particular is a "great story to own" in the next year because the iPhone 7 has such low expectations, Munster claimed.
With FANG, it's easier to "dream" about where those stocks could go longer term, so the bubble mentality isn't as big of a concern there, he added.
(Alphabet, Apple and Facebook are held in Jim Cramer's charitable trust Action Alerts PLUS. Amazon.com is held in the Growth Seeker portfolio. See all of his holding with a free trial here.)