A pick up in Europe's economic recovery and weakness in the euro, which is down about 18 percent against the dollar over the past 12 months, remain key factors in the positive outlook for corporate earnings in the euro zone, analysts said.
"The depreciation in the euro is the main driving force behind our forecast of a significant upside surprise on earnings in 2015," Parkes at HSBC said.
"Our forecast is for 25 percent earnings growth for Europe ex-UK; this is more than double the consensus expectation, which has been bouncing around in a range of 9-12 percent over the past six months."
Other analysts appeared to share that view, saying that while European stocks had risen this year, the outlook for earnings surprises may have been underestimated.
"Investors have been far too cautious on the outlook for European earnings and if we get a surprise it will be on earnings, which means European equities will outperform," Robert Parker, a senior adviser at Credit Suisse, told CNBC earlier this month, as the first European firms started to report their latest earnings.
The pan-European STOXX 600 index is up about 13 percent so far this year, compared with gains of around 4.6 percent on the S&P 500 – a broad measure of U.S. stocks – and a rise of roughly 16.6 percent on Japan's blue-chip Nikkei stock index.