Power Play: Adding Europe to your portfolio

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European stocks rallying on hopes of a Greece deal, with the DAX and CAC up more than two percent.

Two market veterans tell CNBC's "Power Lunch" on Thursday, Greece is not a contagion risk and see a buying opportunity in Europe.

Read MoreEurope closes sharply higher on Greek proposal hope

Erik Ristuben, chief investment strategist at Russell Investments is overweight Europe. "I'm looking to add to that overweight, waiting for timing of resolution to the Greece issue," Ristuben said.

Andrew Slimmon, senior portfolio manager at Morgan Stanley Wealth Management, believes Europe is due for a relief rally.

"The rally will come in more of the European cyclicals. AerCap and UBS are two European stocks that could benefit," Slimmon said.

AerCap is up more than one percent during trading, while UBS is higher by three percent.