Timothy Ash, emerging market strategist at Nomura International, noted that central and eastern European countries were beneficiaries of lower oil and other commodity prices and had few trade links to China.
"Reviewing the EM (emerging market) space, places to 'run and hide' are probably in Emerging Europe—Central Europe, Baltics and Balkans," Ash said in a note distributed on Wednesday.
"Reasons to be constructive include: Generally, the region is a commodity and oil importer, and hence a big net beneficiary from lower oil/commodity prices… China trade links are limited—few of these countries export significantly to China, and there have been limited China inward investment flows."
The region has also gained from its close ties to Germany, Europe's biggest economy, said Bob Parker, senior adviser in investment, strategy and research at Credit Suisse.
Countries like Romania and Bulgaria may have been hit by their banking sectors' strong ties with Greece, but many countries in the region continue to export heavily to Germany.
"I think Central Europe is very interesting," Parker told CNBC on Wednesday.
"If you buy the argument that all the stimulus that is being thrown at the euro zone economy is boosting the German economy and if you believe, as I do, that German growth is accelerating positively through 2 percent, then you have got to invest in central Europe, which is cheap and which derives a lot of its strength from the recovery in Europe."