Can you?
Yes.
Should you?
That is another question.
Stucco over what? Is it real, trowled on stucco, or panels of "look like" stucco?
If it is panels, take them off and work from what is under them.
If it is a frame building with metal lath and trowled on stucco you should cut through the stucco to the framework so you can nail on "sleepers" to level the wall for your siding.
If it is a block building with trowled on stucco, again you have to cut though it down to the block so you can nail on the sleepers.
The problem with stucco is that it is uneven. You need some way to get a flat surface for the siding to be nailed to.
You walls will be much thicker than normal also. So your new windows will need extra carpentery work to install.