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3 buy-rated ASX shares that just hit 52-week lows

These ASX shares may be down in the dumps but analysts rate them highly…
The post 3 buy-rated ASX shares that just hit 52-week lows appeared first on The Motley Fool Australia. –

With the market under significant pressure this month, a good number of shares are trading at 52-week lows.

While this is disappointing, analysts appear to believe it could be a buying opportunity for some of them. Here are three beaten down shares that brokers rate as buys:

Cochlear Limited (ASX: COH)

The Cochlear share price was out of form and sank to a 52-week low of $178.55 today before recovering slightly to end the session at $182.06.

The team at Credit Suisse are likely to see this recent share price weakness as a buying opportunity for investors. Earlier this week, the broker upgraded the hearing solutions company’s shares to an outperform rating with a $235.00 price target. Based on the current Cochlear share price, this implies potential upside of 29% over the next 12 months.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price got caught up in the market selloff and tumbled to a 52-week low of $4.57 on Thursday before ending the day at $4.67.

Goldman Sachs believes there’s material upside for the retail giant’s shares from this level. The broker currently has a buy rating and $6.00 price target on its shares. This implies a potential return of 28% before dividends. Speaking of which, the broker is forecasting fully franked dividends yields of 7.7% over the next three financial years.

NEXTC Ltd (ASX: NXT)

The NEXTDC share price dropped to a 52-week low of $9.74 on Thursday before recovering slightly to $9.82.

This share price weakness could also be a buying opportunity for investors according to Goldman Sachs. Its analysts currently have a conviction buy rating and $14.40 price target on the data centre operator’s shares. This implies potential upside of 48% for investors over the next 12 months.

The post 3 buy-rated ASX shares that just hit 52-week lows appeared first on The Motley Fool Australia.

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More reading

Why is the Cochlear (ASX:COH) share price tumbling 5% on Thursday?

Top brokers name 3 ASX shares to buy today

$20,000 invested in these ASX shares 10 years ago is worth how much today?

2 ASX dividend shares with fully franked 7% yields

What happened to ASX tech shares today?

Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Cochlear Ltd. The Motley Fool Australia owns and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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