The benefits from earnings growth are most pronounced in the underperforming emerging market stocks or the German DAX, which was in correction territory last week and remains more than 7 percent off its recent intraday high.
More opportunities to buy European stocks could come soon with short-term fallout over a Greece default or exit from the euro zone, Kantor said.
"We think there will be enough to keep this contained," he said, citing the ability of the European Central Bank to maintain control.
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Easy monetary policies by the ECB and Bank of Japan, the weaker euro and yen, and signs of economic improvement in both regions supports the local markets, Barclays analysts said.
An added bonus for Japanese stocks is the imminent approval of the Trans-Pacific Partnership (TPP), which Charles Schwab's Jeffrey Kleintop says will benefit Japan the most as the elimination of tariffs could increase exports.
The free trade proposal among major Asia-Pacific nations and the United States (but not China) came one step closer to reality on Wednesday when the U.S. Senate passed a "fast-track" bill that gave President Barack Obama more authority in negotiating the deal.
"I think the TPP is an underappreciated positive for Japan and the one clear "trade" on the trade deal getting done, which we think is likely," Kleintop said in an email. "The decline in the yen combined with the TPP should offer an economic boost."
In its mid-year outlook, Charles Schwab also favored Japan.
Barclays is bullish on the country for recent structural changes in local corporations that increases share buybacks. Those benefits to shareholders are "not fully realized," Kantor said.
Within those markets, the analysts recommend cyclical assets such as financials versus defensive sectors such as consumer staples.
While those sectors may still perform well in the United States, overall domestic "growth is simply too slow to justify higher returns," said Barclays Head of U.S. Equity Strategy Research Jonathan Glionna.
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Still, looking at domestic sector allocations he likes financials for their yield of 2 percent and, more importantly, dividend growth of 10 percent.
"The place to get that profile is in the financials sector," Glionna said.