The stock market crash has reached an extent where long-term investors should start adding to holdings, without getting overly exposed, Credit Suisse told its wealthy clients.

“Those whose current equity allocation has declined below the strategic level and who can tolerate the elevated volatility, should begin to build up equity positions,” the Swiss lender’s Global Chief Investment Officer Michael Strobaek wrote in a note.

Strobaek notes there are ample opportunities in undervalued stocks along with broader possibilities in sectors like IT or energy. But while investors should take some risk, he warns against being too aggressive and advises avoiding leverage for the time being “given the ongoing negative news headlines and the uncertainty created by last week’s historical sell-off.”

Credit Suisse’s sell-side analysts echo Strobaek’s bullish view, expecting a V-shaped recovery and a rise of 15-20% in equity markets over the next 12 months.