When it comes to Italian espresso-pot designers, investors may be ready for a double shot. Shares of Bialetti Industrie SpA and De’ Longhi SpA, the two firms best known for making and selling the aluminum stove-top machines, still have upside after a frothy run, according to North Square Blue Oak Ltd., a boutique investment bank which scans the market for attractive bets on behalf of hedge funds and institutional investors.

It’s advising clients to buy shares of both companies, even after gains of 43 percent and 33 percent, respectively, over the last 12 months. “Bialetti and De’ Longhi are compelling buys,” Mario Russo, a London-based analyst for North Square, said in a phone interview. “These companies are hardly on the radar of larger investors, but they have significant new markets in which they can still grow.”