One of the stocks offers more than 60% upside over the next 12 months, according to Bank of America.
Bank of America strategists have named the ten European stocks they believe are currently undervalued and could provide significant investment returns. These picks, which the investment bank refers to as the "Beat Factor Top 10," are primarily made up of industrial and financial companies. The industrial companies Airbus , Thales , BAE Systems , and Safran are among the top picks.
shares hit a record high following its quarterly results and are up nearly 30% this year. Despite the share price gains, Bank of America strategists remain bullish on the stock coming out of the earnings season. — CNBC's Michael Bloom contributed reporting.
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