Other stocks Citi liked included Nordic telecom firm TeliaSonera, luxury group Kering and German automotive company Continental. It was less bullish on autos, health care and basic resources, however, and was "underweight" on oil and gas companies.
A raft of equity analysts in recent weeks have extolled the virtues of buying stocks from the euro zone, which is expected to see earnings growth this year due to the extra liquidity provided by the ECB's quantitative easing program and the weak single currency.
Tourism: One of Europe's 'most important industries'
Martin Todd, co-manager of the Hermes Sourcecap European Alpha fund, named five "growth gems" in a research note earlier this month, including Spanish airport operator Aena, Zurich-based food business Aryzta and financial services firm Wirecard.
Piers Curran, the head of trading at Amplify Trading, told CNBC via email last week that he would favor cyclical stocks in the current environment. However, JPMorgan was more cautious, stating in a research note last week that investors should take a "strategic approach" to the European rally and chose portfolios that were rigorously managed sector-by-sector.
Even Citi gave a caveat in its bullish note this week, highlighting that equity bubbles "cannot be ruled out."