The beleaguered euro zone economy is set for a comeback this year, and that should drive stocks in the region higher by up to 10 percent in the coming weeks, analysts told CNBC.
According to Laura Fitzsimmons, vice president of futures & options at JPMorgan Investment Bank, continued positive economic data combined with the central bank's dovish stance will boost European equities, the laggards of the global stock markets this year.
"You've got all the ingredients for a decent bounce to continue in euro zone stocks," said Fitzsimmons. "With the improving euro zone outlook and a European Central Bank which is in highly accommodative mode, I think we can realistically expect further gains of around 5-10 percent in euro zone indices over the coming weeks."
(Read more: ECB's Draghi defends interest rate guidance)
The euro zone economies have been struggling with a crippling sovereign debt crisis for the past few years, and stock markets have fallen in tandem. The FTSE Eurofirst 300 index only saw a meager 6.5 percent gain so far this year, in stark contrast major indices like the Japan's Nikkei and the S&P 500, which are up 30 percent and 18 percent, respectively.