It has certainly been a difficult month for investors, but every cloud has a silver lining.
The silver lining on this recent market volatility is that a number of high-quality ASX blue-chip shares have been sold down to 52-week lows or worse. This could mean that they are going super cheap right.
Here are three ASX blue-chip shares that could be top buys:
CSL Limited (ASX: CSL)
CSL is arguably Australia's highest-quality company. So, with its shares hitting a 52-week low this week, now could be an opportune time for patient investors.
The team at Citi believe this to be the case. The broker currently has a buy rating and a $325 price target on the global biotechnology company's shares. This implies a potential upside of approximately 27% for the ASX blue chip share over the next 12 months.
Endeavour Group Ltd (ASX: EDV)
Another beaten-down ASX share to look at is drinks giant Endeavour, which has hit a record low this week. Goldman Sachs sees this as an excellent opportunity to buy the shares of the Dan Murphy's owner.
Particularly given how its analysts "continue to see defensiveness in the company's Retail business with relative market share of ~35% vs COL liquor of ~13%, 5.2mn active My Dan's members."
Goldman has a conviction buy rating and a $6.60 price target on the ASX blue-chip share. This suggests a potential upside of almost 27% for investors.
ResMed Inc (ASX: RMD)
Another ASX blue chip share that has been sold off is sleep treatment company ResMed. Concerns over the threat of obesity drugs like Ozempic on long-term demand have weighed heavily on its shares.
Morgans sees "these products having little impact on the large, underserved sleep disorder breathing market." As a result, its analysts have put an add rating and $36.95 price target on its shares. This implies a massive potential upside of 70% for investors.