Barclays says these global stocks are ripe for share buybacks — and analysts give one 45% upside

European equity markets might look "gloomy" right now, but Barclays noted that one investment strategy has delivered "solid outperformance" over recent months. "Buyback strategies remain a bright spot for Europe, with strong volumes and returns. Amid a gloomy equity market, our buyback announcement basket has outperformed by 4.6% since Oct," the investment bank's strategists wrote in a Nov. 21 research note.

Buybacks essentially reduce the amount of shares in circulation, bumping up the price, and are one of the ways companies can reward shareholders. Sectors with the greatest concentration of buybacks include consumer staples, financials and energy, Barclays' strategists noted.

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