Of course, all the teams who qualify for the next round are the strong teams. If they are not strong enough, they must be eliminated already.
However, I think there are some favorite teams to got to the final round because we see their performance looks more consistent than other teams. Man City, Bayern Munich, and Real Madrid are 3 teams to be in the final based on the prediction of many people. But if we look at the result of the matches in the current round, only Bayern Munich and Man City deserve to be the favorite teams. Real Madrid looked a bit difficult to win against Leipzig, not sure if they can deal with the next opponent. It seems, the most convincing team is Man City. Will Man City be the champion again this season?

Source: uefa.comThe quarter final qualified are strong teams and had impressive performance since group phase until 16 of round, left few hours later before quarter final match drawing and expected which the super big match are there any Spanish team will face each other on this round regarding they have three teams qualified to quarter final.
Indeed Manchester City had impressive performance since group phase until 16 round I don't sure they are favorite team, I want to see Manchester City have to face Bayern Munich or PSG on quarter final.
Regarding with quarter final teams left seems Dortmund is the only one weakness teams and most expected by all team face in quarter final, most lucky if quarter final drawing face with Dortmund than facing other difficult teams such as Madrid, Barcelona or Manchester City.
Among this team listed here, I think the most likely winners of this year uefa champions league is between Manchester city, Real madrid and Bayern Munich, because even if they are not doing that well, you can't take your eyes off them because Bayern Munich is a force in European football, underrate them at your own cost.
And as for the likes of arsenal, psg and atletico madrid, I know that on their day, they are actually good, but I don't think they have all it takes to go all the way and take this title away from the likes of Manchester city, real madrid and Bayern Munich, I just feels like they are not good enough for such a task now, but they are going to play an important role on who is going to win it this year.