Peter Oppenheimer, the chief global equities strategist at Goldman Sachs, has added to a growing chorus of views urging investors to switch from U.S. equities to European.
U.S. indexes like the S&P 500 outperformed other global bourses last year and have continued to hit record highs in 2015. However, Oppenheimer argues that the gains are now coming at a slower rate than their European counterparts.
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"(European) economic activity has been weak, there were a lot of concerns last year...but as (quantitative easing) started to come through, those fears are fading a little bit and that's what's buoying the European market," he told CNBC Wednesday.
He expects the euro to fall to parity with the U.S. dollar—or even below—and further stimulate growth in the euro zone with a cheaper currency helping to boost the earnings of the region's exporters. He added that the dramatic fall in the price of oil will also help struggling companies regain their strength.
Oppenheimer said sentiment from European businesses is still negative, but is turning less so, he said, and differs from the U.S. where sentiment is turning less bullish than it has been.
Many European corporates are still very much exposed into the U.S growth story, according to Oppenheimer, who stated that he is bullish on global equities in general and said his preference for euro zone stocks was on a relative basis.
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Kerry Craig, global market strategist at JPMorgan Asset Management, shared similar thoughts on Tuesday highlighting that equity markets would be more beneficial for investors than fixed income markets.
He told CNBC Tuesday that good dividend-paying stocks can be found in battered euro zone bourses. He said that cyclical stocks—that react to fluctuations in the global economy—are his preference but said health care firms are some of the most expensive currently.
"Equity markets can deliver at the moment," he said, paying particular attention to retired investors that are searching for yield over the shorter term.
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European equities might be en vogue for some strategists, but the S&P 500 hasn't completely fallen out of favor. The mean average of 10 analysts' calls collated by CNBC at the start of the year was 2,185 points for the U.S. benchmark.
This means a return of just over 6 percent for the year. Canadian investment bank, RBC Capital, was the most bullish with Jonathan Golub, chief U.S. market strategist, projecting a 2015 year-end target of 2,325 points for the . The bourse currently stand at 2,100 points.