Forget the U.S. — Europe is now the place to pick out cheap stocks, Bernstein says

European national flags seen in front of the European Parliament building in Brussels, Belgium.
Santiago Urquijo | Moment | Getty Images

Analysts at investment firm AllianceBernstein have picked a list of the "cheapest" European shares that they say are set to outperform the market, adding that the region is now "superior" to the U.S. for value stocks.