Although the Australian share market is trading within sight of its 52-week high, not all shares are performing as positively.
Three ASX shares that are trading notably lower than their highs are listed below. Here's why they could be great value now:
Appen Ltd (ASX: APX)
The first ASX share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). This is a vital part of the development process of building AI models, as without quality data a model won't reach its full potential. Given the growing importance of AI for businesses and governments, Appen looks well positioned for growth over the long term. And with the Appen share price down 58% from its high, now could be an opportune time to make a patient investment. Ord Minnett appears to believe this is the case. It has just upgraded its shares to a buy rating with a $24.75 price target.
CSL Limited (ASX: CSL)
Another ASX share to consider is CSL. The shares of this leading biotechnology company are down 21% from their 52-week high. This has been driven by concerns over plasma collection headwinds because of COVID-19. However, with this headwind only temporary and not structural, the company looks well-placed to bounce back strongly after the pandemic passes. Especially given its in-demand therapies and vaccines and its lucrative R&D pipeline. Analysts at Citi are positive on CSL. Last week they upgraded its shares to a buy rating with a $310 price target.
Kogan.com Ltd (ASX: KGN)
A final ASX share to look at is this leading ecommerce company. The Kogan share price has fallen heavily this year and is now down 45% from its high. This appears to have been driven by valuation concerns and uncertainty regarding how long its elevated sales growth will be maintained. Analysts at Credit Suisse remain positive on its future and believe its shares are good value. at current levels The broker has recently put an outperform rating and $20.85 price target on Kogan's shares.
