The shares of Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) are top buy candidates after both were oversold during the recent market volatility, according to Morgan Stanley in a note to investors.

Morgan Stanley’s chief US equity strategist, Adam Parker said, “We can’t point to a specific reason the market fell. Our view is this is a buying opportunity.”

China concerns affected Apple stock

Apple lost more than 13% in stock value over the past three months. The iPhone maker was negatively impacted by investors’ concern regarding the worsening economic slowdown in China, its second largest market.

Apple generated $13.2 billion in revenue from China for its June quarter, up from $6.2 billion in the same period a year ago. Last week, Apple CEO Tim Cook assured investors that the company continues to experience strong growth in China.

In an e-mail to CNBC’s Jim Cramer, Cook said, “I can tell you that we have continued to experience strong growth for our business in China through July and September. Growth in iPhone activations has actually accelerated over the past few weeks.”

“I continue to believe that China represents an unprecedented opportunity over the long term as LTE penetration is very low and most importantly the growth of the middle class over the next several years will be huge,” he added.

On Monday, Apple announced its partnership with Cisco Systems (NASDAQ:CSCO) to enhance the performance of its iPhones and iPads together with Cisco products including videoconferencing systems and the WebEx online meeting service. The partnership is part of Apple’s effort to boost sales to business customers.

“This is a major strategic partnership, something that neither company has done before. We have a shared vision of a completely seamless experience,” said,” said Rowan Trollope, senior vice president and general manager of Cisco’s Collaboration Technology Group.

Google transparency, new corporate structure

On the other hand, Google’s Class A shares were up over more than 18% and its Class C shares climbed more than 16% over the past three months.

Google accounts 91% share of the global search market, and it has $61 billion in cash, which could protect the company from sudden economic downturn. The search engine giant continues to generate high profits from its core advertising business.

Google recently disclosed its new corporate structure, which would allow the senior executives of the company to perform new positions and help the company retain its talents.

Google will be operating under the newly created public holding company called Alphabet. Under the new structure, the search engine can focus on improving its management scales and consolidated business.

Additionally, investors will be able to compare the sales growth of Google’s mature and emerging business as the company provides greater transparency.