Greece isn’t budging, and neither are Europe’s stock strategists.

Clashes between officials in the Mediterranean nation and its creditors are wreaking havoc on markets, yet none of the 15 forecasters tracked by Bloomberg lowered their year-end estimate for European indexes. All of them see gains. UBS Group AG even raised its projection this month, citing better-than-expected earnings growth and a turn in the economy.

With analysts projecting three straight years of earnings growth surpassing 10 percent and European Central Bank stimulus in force, equity forecasters view Greece jitters as temporary. A Bank of America Corp. survey showed the region is still favored among stock investors. Citigroup Inc., the most bullish firm, sees the Stoxx Europe 600 Index jumping 17 percent through the end of the year.

David Fuller's view

EU stock markets have seen a correction on Grexit news/fears/uncertainty, so this concern is at least partially discounted.  Seasonal factors are less favourable until end September.  Nevertheless, European Autonomies are reasonably valued and Mario Draghi’s QE is a very positive tailwind.

See also yesterday’s comments on this subject.