Investors have plowed into Europe, making it the consensus positive call, but some analysts are starting to think it's time to curb the enthusiasm.
Despite markets' volatile start to the year, investors have plowed $15.5 billion into developed Europe equity funds so far this year, according to data from Jefferies. The funds have seen 32 straight weeks of inflows, as investors bought around $81.8 billion worth of shares, the data show.
(Read more: What the EM sell-off means for European stocks)
The enthusiasm has left equity valuations "too stiff," said Willem Nabarro, head of European equities for Asia at Exane-BNP Paribas. Europe's shares aren't offering enough compensation for the macro risks, he told CNBC.
"Just look at the valuation of the Spanish banks," he said. "They're trading at the same levels as, for example, the Swiss banks and more expensive than the French banks or some of the Nordic banks, where the risks are much lower," he noted.
"It's a good time if you have had this run, take profit and run," he added.
(Read more: Goldman warns of risks in European stock markets)