3 ASX shares now at a golden buying opportunity: experts

After a hectic reporting season and prophetic words from the US Federal Reserve chair shaking confidence in ASX shares, there are plenty of bargains out there.

Fortunately for long-term investors, some experts have nominated which stocks they’d buy for cheap right now:

An ageing population will happen regardless of economy

Integral Diagnostics Ltd (ASX: IDX) shares have dipped more than 13% since 5 August.

If one goes back to the start of the year, the healthcare stock has lost almost 40%.

But that just makes it a golden buying opportunity, as far as Fat Prophets chief executive Angus Geddes is concerned.

“Integral Diagnostics provides medical imaging services across Australia and New Zealand. The company’s hub and spoke model generates efficiencies,” he told The Bull.

“The diagnostics sector has long-term appealing trends given an ageing population and patients returning for medical examinations and treatments.”

The wider analyst community is divided on this one.

This week Citi and Goldman Sachs cut their price targets, while Jefferies and Macquarie both raised their price targets.

‘Tight employment market’ favours this stock

Baker Young managed portfolio analyst Toby Grimm likes the look of jobs classifieds site Seek Limited (ASX: SEK).

“This employment and education company delivered better than expected revenue and earnings growth in fiscal year 2022. However, Seek’s share price has recently retreated.”

Indeed the stock has lost 17% over the past 19 days, while it’s been a 39.9% slide down since the start of the year.

This betrays the quality of the business, according to Grimm.

“The company operates a dominant job advertising site, and we expect it to benefit in an exceptionally tight employment market. A value opportunity exists at these price levels.”

Some of the sell-off this month seems to have occurred after UBS and JP Morgan both cut their price targets.

However, 10 out of 16 analysts surveyed on CMC Markets currently rate Seek as a buy, with nine of them recommending it as a strong buy.

Above-average east coast crops expected next year

Marcus Today analyst Layton Membrey currently favours Graincorp Ltd (ASX: GNC) after an 18.3% drop since early June.

“This diversified Australian agribusiness recently upgraded earnings guidance for the full year ending September 30, 2022,” he said.

“It expects underlying net profit after tax to range between $365 million and $400 million. It was previously forecasting NPAT to range between $310 million and $370 million.”

The outlook for the next financial year is positive too.

“Graincorp is expecting another east coast Australian crop to be above average in fiscal year 2022/23.”

Graincorp shares seem to have also been recent victims of a downturn in sentiment from some analysts.

Earlier this month Morgans, Macquarie, Wilsons, Bell Potter and UBS all reduced their price turrets in response to the very financial update that Membrey is positive on.

The share price for Graincorp is up 1.5% year-to-date, and pays out a 2.57% dividend yield.

The post 3 ASX shares now at a golden buying opportunity: experts appeared first on The Motley Fool Australia.

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More reading

• Experts name 2 blue chip ASX 200 shares to buy
• Here are 2 ASX shares that Morgans rates as buys
• Up 41% in a year, is it too late to buy Graincorp shares in 2022?
• Top brokers name 3 ASX shares to buy today
• Why Bendigo and Adelaide Bank, Challenger, Seek, and Sims shares are dropping

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Integral Diagnostics Ltd and SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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