With the market starting to rebound, now could be an opportune time to look at buying some beaten down ASX shares.
Two that could be worth considering are listed below. Here's what you need to know about them:
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Domino's Pizza Enterprises Ltd (ASX: DMP)
The first beaten down ASX share to look at is Domino's.
It is of course one of the world's largest pizza chain operators with restaurants across the ANZ, Asia, and European markets.
After losing half of its value in 2022, the team at Citi believe investors should be snapping up shares with a long term view. So much so, the broker has recently reaffirmed its buy rating with a $84.40 price target. This implies potential upside of 39% for investors over the next 12 months.
Citi commented:
We remain positive on the medium term outlook given same store sales appear on track to turn positive and some inflationary headwinds are moderating. The longer term store rollout opportunity has grown supported by the recent Asian acquisition. We also see further upside potential from additional acquisitions. Maintain Buy.
Life360 Inc (ASX: 360)
Another ASX share that has been smashed in 2022 is Life 360.
It is a location technology company that operates in the digital consumer subscription services market with its Life360 app. This hugely popular app has 40 million active users and offers families features such as communications, driver safety, and location sharing.
Goldman Sachs is very bullish on the company due to its massive market opportunity. The broker currently has a buy rating and $7.50 price target on the company's shares, which implies potential upside of 17%.
It commented:
We estimate Life360 is exposed to a US$12bn global TAM with a large opportunity to expand its product suite, grow average revenue per paying circle (ARPPC), increase payer conversion, and lift penetration rates outside of the US.
