Despite SocGen's bullishness, France's economy has fared significantly less well than Germany's over the past decade, with Germany enjoying an export-led boom and a strong current account surplus since the introduction of the single currency in 1999. Meanwhile, France posted zero growth last year, and pessimism about its economy has risen since Fitch Ratings became the third major ratings agency to strip it of its AAA rating, in July.
(Read More: France's Hollande 'in denial' over crisis after downgrade)
Pierre Moscovici, the French finance minister, told CNBC last month that France was in a worrying situation, but that growth will return in the second half of the year, as measures to stimulate job creation bear fruit.
(Read More: France in a 'worrying' situation: Moscovici)
Nonetheless, Ashraf Laidi, chief global strategist at brokerage City Index, agreed the French benchmark stock exchange was cheap when compared with Germany's.
"The DAX 30 is 1 percent away from its record highs attained in May versus the CAC 40, which is 40 percent below the all-time highs reached 13 years ago," Laidi told CNBC.
"German equities may become more hesitant in clawing further ground ahead of the September election. From a growth point of view, there's more room for upside for French GDP out of contraction territory, than in the case of Germany."
The mood from SocGen and City Index is matched by a feeling of optimism on European stocks in general. Analysts and investors have told CNBC the continent's stocks look undervalued as it nears the end of its recession.
Willem Nabarro, head of European equities at Exane BNP Paribas, told CNBC on Tuesday that consensus at the bank was for an "overweight" rating on European equities, and had been for some time.
(Read More: European equities looking cheap as recession eases)
By CNBC.com's Matt Clinch. Follow him on Twitter