Several high-profile ASX shares have taken a beating in recent months. Technology and biotech names have been caught in the market sell-off, with some shares sliding 50% from recent highs.
But that weakness has also caught the attention of analysts. In fact, brokers believe several quality companies could rebound strongly, with some price targets suggesting the potential for 100% upside or more.
Here are three ASX shares that analysts believe could stage a major comeback.
WiseTech Global Ltd (ASX: WTC)
This ASX share has lost 52% of its value over 6 months at the time of writing. WiseTech is a logistics software company best known for its CargoWise platform, which helps freight forwarders manage global supply chains.
The tech company is widely regarded as one of Australia’s most successful software companies. CargoWise has become deeply embedded in the global logistics industry. It creates strong switching costs and a powerful competitive moat.
The ASX share also benefits from a highly scalable software model. Once the platform is built, additional customers can be added with relatively low incremental costs. This supports strong margins and long-term earnings growth.
However, WiseTech has faced governance concerns and investor worries about how artificial intelligence could disrupt traditional software businesses. The company has also announced a major restructuring involving significant job cuts as it pivots toward AI-driven operations.
Despite recent volatility, analysts still see major upside for the ASX share. The consensus rating on the tech stock remains buy with an average price target of $85.10, and the most bullish forecast at $122.64.
This points to upside between 80% and 165% from recent levels.
NextDC Ltd (ASX: NXT)
NextDC operates a network of high-performance data centres across Australia, providing critical infrastructure for cloud computing, artificial intelligence, and enterprise digital services.
Demand for data centre capacity is surging as businesses shift to cloud computing and AI workloads expand.
The $8.5 billion ASX share is well positioned to benefit from this trend. The company continues to build new facilities and expand capacity across major Australian cities, which could drive strong long-term revenue growth.
NextDC has also been steadily increasing contracted utilisation, suggesting customers are locking in long-term data centre capacity.
Data centre development is capital-intensive. Building new facilities requires significant upfront investment, which can pressure profits in the short term.
Interest rates are another risk. Higher borrowing costs can increase financing expenses for large infrastructure projects.
Analysts are bullish on the ASX share and expect it could hike up to $31.02. That’s a potential 133% increase over the next 12 months at the time of writing.
Telix Pharmaceuticals Ltd (ASX: TLX)
This ASX share has tumbled almost 60% in the past 12 months. Telix is a biotechnology company specialising in radiopharmaceutical treatments and imaging technologies for cancer.
The company is rapidly emerging as a major player in precision medicine. Its flagship prostate cancer imaging product, Illuccix, has already been commercialised and is generating strong revenue growth.
Telix also has a deep pipeline of cancer diagnostics and therapies in development across prostate, kidney, and brain cancers.
Biotech investing always carries risk. Clinical trials, regulatory approvals, and manufacturing processes can all affect a company’s timeline and profitability.
The ASX share has also been volatile following regulatory hurdles involving the US Food and Drug Administration, which have weighed on investor sentiment.
Despite these setbacks, analysts remain extremely bullish. The stock currently carries a strong buy consensus. Analysts have set an average 12-month price target of about $24, implying more than 118% potential upside from recent levels.
The most bullish broker sees the ASX share climb to $31.59, a potential 188% upside.
The post 3 ASX shares tipped to race up to 188% higher appeared first on The Motley Fool Australia.
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More reading
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Motley Fool contributor Marc Van Dinther 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 Telix Pharmaceuticals and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.