Dozens of stocks could pay out big time says Morgan Stanley — here are 10

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Investment bank Morgan Stanley has recommended dozens of global stocks that are likely to surprise to the upside and pay out cash to shareholders in the form of buybacks.

The bank expects stock buybacks — where a firm uses excess cash to purchase its own shares back from investors — to shoot up in Europe in particular this year, and said they were set to "drive superior price performance" in the region.

"We expect European buyback activity to rise sharply, providing a positive signal for individual stocks and the wider European market," Morgan Stanley's analysts wrote in a research note published Wednesday.

Here are 10 of Morgan Stanley's stock picks:

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