A number of shares have been beaten down this year following the mini market crash.
While this is disappointing, it could have created a buying opportunity for investors once the volatility ends. Here’s why these ASX shares could be top options:
The first beaten down ASX share for investors to look at is Altium. It is the electronic design software provider behind the Altium 365 and Altium Designer platforms, the Nexus collaboration platform, and the Octopart search engine.
The Altium share price is down 37% since the start of the year. This could be a buying opportunity according to analysts at Bell Potter. They currently have a buy rating and $34.00 price target on Altium’s shares. This implies potential upside of 21% for investors over the next 12 months.
Bell Potter’s analysts believe Altium is “on track to achieve its FY22 guidance and expect much better subscriber growth in 2HFY22 relative to 1HFY22.”
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Another beaten down ASX share to look at is Domino’s. It is one of the world’s largest pizza chain operators with stores across the ANZ, Asia-Pacific, and European regions.
Its shares have fared even worse than Altium’s in 2022 and are down 46% since the turn of the year. Morgans believes this weakness is a buying opportunity and recently put an add rating and $93.00 price target on its shares. This implies potential upside of 40% for investors between now and this time next year.
Morgans remains positive on the company due to its store rollout plan, which it notes is “the engine of DMP’s growth.” And while near term trading conditions may be tough, the broker believes “the medium-term opportunity is absolutely undiminished.”
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