Societe Generale holds one of the most bullish forecasts. Its head of global allocation Alain Bokobza is targeting 5,000 for the CAC this year (from Monday's close at 4,385), and 7,000 by 2016, bringing total returns from current levels to 60 percent.
Even more curious is the rationale. Bokobza cites Francois Hollande's policies as the sweetener – a boost to French competitiveness through corporate tax cuts; a reduction of red tape to encourage entrepreneurs and employment; and the government's ability to redirect French pension savings into productive assets.
Read MoreVraiment? French stocks to see 60% rally: Soc Gen
"Historically, the S&P 500 is at an all-time high, the DAX and the FTSE Total Return have reached all-time highs. But the French CAC 40 was at 6,900 back in September 2000, almost 15 years ago, so this is one of the lagging indexes globally. French economic policy was lagging in terms of restructuring. Now that is done, so it is time to be optimistic about French equities," said Bokobza.
Others give government policies less credence, but believe it's time for a revival trade. HSBC has upgraded French equities. Peter Sullivan, its head of European equity strategy, feels too many investors have negative top-down views, and warns that short France is a dangerous consensus trade. He points to growth, which hasn't collapsed, and earnings, which have stabilized.