The London-based team at Goldman Sachs has been approaching U.S. investors about buying European stocks, according to a recent article in Barron’s.

“The good news is, they’re not hanging up the phone,” the article states. “On the other hand, they’re still not buying either.”

Goldman strategist Sharon Bell notes that the yield gap between equities and bonds “remains substantial and in our view should continue to encourage asset allocators to search for growth and value in equities.” Bell adds that equities also provide a hedge to the medium-term risk of rising inflation.

The team of strategists also notes that growth areas are developing, particularly renewables: “Unlike software and social media—where this ecosystem has mainly developed in China and the U.S.—we may see a European leadership in the ‘green economy’ backed by politicians.”

But the team also admits that European valuations are not much more compelling than in the U.S. and that potential growth is still lower in Europe.