* STOXX Europe 600 index rises for third straight day
* SocGen, Eutelsat, Total rise as results please
* But Commerzbank slips as weak earnings outlook disappoints
* Bank of America analysts upbeat on European equities (Adds details, closing prices)
By Atul Prakash and Danilo Masoni
LONDON/MILAN, Feb 9 (Reuters) - European shares ended attheir highest level in two weeks on Thursday, with some majorcompanies such as France's second-biggest listed bank SocieteGenerale and oil major Total advancing after their results.
Eutelsat also surged, up 8.2 percent to leadgainers on the STOXX 600 index, after thetelecommunication services firm's first-half revenue fell lessthan expected. It also forecast higher Internet and mobilesatellite sales and planned to buy a Viasat satellite.
Shares in Societe Generale rose 2.3 percent afterthe French bank reported better than anticipated net income inthe final three months of last year and said it would float astake in its booming vehicle leasing unit ALD.
France's Total gained 1.3 percent after thecompany also reported better than expected fourth quarter netprofits, thanks to cost savings that enabled it to raise itsdividend. Total said it was hunting for opportunities to buyassets from struggling rivals.
Bank of America Merrill Lynch said there was a strong valuecase for European equities relative to the United States.However, the value case was conditional on the earnings cycle inEurope turning to relative profit growth and the impact ofpolitical and sovereign risks.
"So far the signs are positive. Earnings (in Europe) are nowrising relative to the U.S. and we expect double digit EPSgrowth in 2017," Bank of America ML analysts said in a note.
The pan-European STOXX 600 index climbed 0.8 percent to itshighest level since Jan. 27 after rising in the past twostraight days.
Across Europe, DAX rose 0.9 percent. DZ Bank ChiefInvestment Strategist Christian Kahler said he expected theGerman blue chip index to climb another 8 percent to a recordhigh by the end of the year, saying solid earnings and economicgrowth should help offset political risks.
The European mining index ended up 0.1 percent,underperforming the broader market, after copper and nickeldropped.
Commerzbank fell 1.8 percent after the Germanlender said it expected net profit to remain low this year.Germany's second-largest lender behind Deutsche Bank,however, beat quarterly profit forecasts.
Thomas Cook fell 7 percent on its cautious outlook.It said summer bookings were ahead of 2016, but it was cautiousfor the rest of the year due to uncertain political and economicoutlook. However, some analysts were mildly positive.
"Times are tough in the European travel industry and ThomasCook isn't having the best of it, though the good news is (that)things don't seem to be getting any worse," Laith Khalaf, senioranalyst at Hargreaves Lansdown, said.
Yara International and Gjensidige bothfell sharply after their results. (Reporting by Danilo Masoni; editing by Mark Heinrich)