Emerging markets are getting a beating right now, but the tattered asset class could be poised to become the "comeback kid" of 2014, some analysts say.
Investors with a long-term horizon should look at investing in emerging markets, analysts at Bank of America Merrill Lynch (BofAML) said in a note released on Friday, although they added that the current turmoil was a reason to be cautious heading into September.
(Read more: If August was bad for stocks, September may be worse)
"While policy makers have yet to panic sufficiently for an inflection point in global risk, an improving long-term, risk-reward trade-off could make emerging markets the comeback asset class of 2014," the BofAML analysts said.
The MSCI emerging market index has shed about 13 percent since late May and has tumbled about 5 percent in just over two weeks. The Indian rupee, meanwhile, dived to a new record low against the dollar this week and the Indonesian rupiah hit its lowest level in more than four years.