Wharton professor and author Jeremy Siegel says stocks remain attractively valued, particularly given interest rate levels.

“We are still at extremely normal, average valuations and, in fact, low valuations, given the interest-rate environment and even the anticipated rise in interest rates,” Siegel said at a CFA Institute Conference, MarketWatch reports. He said that historically, when interest rates have been below 8%, price/earnings ratios have averaged about 19. Given current S&P earnings, that would put the index’s fair value over 2,000, about 10% to 13% above current levels.

One area that Siegel says looks very undervalued: the tech sector. It trades at a P/E of 13, “one of the cheapest [levels] it’s ever been relative to the rest of the market,” he said. “We’re used to seeing it at 25.”