Stucco can be painted. Portland cement-based paints are very compatible with stucco because they are made of the same material. These paints should be scrubbed into the surface and fully cured. Alternatively, you could consider a colored stucco finish. These finish coats are often made with white cement and pigments, providing the widest range of colors. Premixed materials are color matched from batch to batch and are most consistent.
Additionally, the fact that you are placing a finish coat with a nominal thickness of 1/8 inch instead of a paint layer usually gives more assurance of complete coverage. It is possible to paint with other types of paint, though these are usually not as long lasting as cement-based paint. Acrylic paints are long lasting and durable but change the permeability of the stucco (make it non-breathable) which in some climates may have adverse effects on the long-term performance of the system.