Published research is turning more constructive on European and non-US equities, though much of the case is conditional.
The core argument running through recent analyst commentary: rotation away from heavy US exposure, a softer dollar, lower yields, and a narrowing US policy premium after the midterms. One camp highlights valuation gaps versus the US and an unusually strong European earnings year with upgrades. Others frame Europe simply as a way to find value outside expensive, tech-concentrated US indices.
Within the broad view, researchers list Eurozone equities alongside emerging markets and Asia ex-Japan as preferred regions, with weak growth and energy costs flagged as the main risks. A separate thread favors developed markets ex-US into 2027, but conditional on a durable Iran resolution that brings energy prices down. On country picks, one published view singles out Poland, Spain and Italy. Another tentatively expects European clean energy names to benefit as money rotates out of AI.
On single stocks, technical analysis points to a constructive setup on Ferrari after a breakout to new highs, and a value-oriented piece highlights UK-listed Greggs as a best-in-class operator at an attractive multiple over a multi-year horizon.