Analysts say these beaten down ASX shares are buys

a man sits with his head in his hand, looking quite dejected, as he holds a rubber tipped pen on the screen of a computer showing a graph trending downwards.

a man sits with his head in his hand, looking quite dejected, as he holds a rubber tipped pen on the screen of a computer showing a graph trending downwards.

While the recent market volatility has unfortunately put a lot of pressure on ASX shares, every cloud has a silver lining.

The silver lining on this occasion is the attractive prices that some shares have been left trading at.

Two beaten down ASX shares that could be in the buy zone now are listed below. Here’s what analysts are saying:

Hipages Group Holdings Ltd (ASX: HPG)

The first beaten down ASX share to look at is Hipages. It is a leading Australian-based online platform and software as a service (SaaS) provider.

Hipages has been growing at a solid rate in recent years thanks to the increasing popularity of its platform which connects consumers with trusted tradies to simplify home improvement.

Despite this solid growth and its massive market opportunity, the Hipages share price is down a sizeable 66% since the start of the year.

Analysts at Goldman Sachs appears to see this as a buying opportunity for investors. Particularly given their belief that Hipages has a huge growth runway ahead as its ecosystem builds. In fact, the broker has likened the company to REA Group Limited (ASX: REA) in its early years. There is no higher praise.

Goldman currently has a buy rating and $2.20 price target on its shares.

WiseTech Global Ltd (ASX: WTC)

Another beaten down ASX share to consider is this logistics solutions company.

WiseTech is the company behind the popular CargoWise One solution, which allows users to execute complex logistics transactions and manage freight operations from a single, easy to use platform.

Demand has been growing very strongly over the last decade, underpinning incredible sales and profit growth. And despite its outlook looking very positive thanks to its high quality platform, strong market position, and growing freight volumes globally, its shares are still down 16% since hitting a record high earlier this month.

The team at Morgan Stanley are likely to see this as a buying opportunity. The broker currently has an overweight rating and $62.00 price target on its shares.

The post Analysts say these beaten down ASX shares are buys appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Hipages Group Holdings Ltd. and WiseTech Global. The Motley Fool Australia has positions in and has recommended Hipages Group Holdings Ltd. and WiseTech Global. The Motley Fool Australia has recommended REA Group 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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