Many investors gave up on emerging markets after their turmoil earlier this year, but J.P.Morgan Cazenove analysts have changed their view.

"We held a cautious stance on EM [emerging-market] plays for more than two years, favoring the euro recovery theme, but have last month started to add to the space," the bank's European equity-research team write in a commentary obtained by MarketWatch.

The MSCI Emerging Markets stock index has gained 4.3 percent so far this year in dollar terms, compared with 6 percent for the S&P 500 index.

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While emerging market stocks have underperformed their developed brethren by more than 35 percent since October 2010, a reversal is in store, according to the JPMorgan analysts.

Strengthening worldwide economic growth and low valuations will help boost emerging market stocks, they say. Those stocks are trading at a 28 percent discount to developed markets, the analysts say.

Emerging market stocks "outright attractive," they say.

"As the global and EM activity backdrop improves, we think these valuations may start to look increasingly compelling to investors."

Others are bullish too. "Emerging markets are at the bottom of the growth cycle. Things are likely to improve from here on the back of expected revival in growth globally," Gopal Agrawal, CIO of Mirae Asset Global Investments in India, tells The Economic Times.

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