Who doesn't love a great ASX 200 buy-the-dip opportunity?
As 2023 draws to a close and we all take a look at the performance of our portfolios this year, is it time to consider buying some new stocks for extra diversification?
And which ASX 200 shares are ripe for investment after languishing or being oversold in 2023?
Well, some top brokers are going to help us out with this question.
Here are three ASX 200 shares that brokers say are buys following share price tumbles or stagnation in 2023.
50% upside possible on Qantas shares
The Qantas Airways Limited (ASX: QAN) share price is down 9.3% in the year to date compared to a 9.4% uplift in the ASX 200. It is currently trading at $5.39, up 0.65% on Thursday.
As the chart below shows, Qantas shares remain in a pronounced dip.
The stock's 52-week high is $6.94 and its 52-week low is $4.67.
Qantas has faced a mountain of challenges this year that have damaged its reputation. Customers have vented fury over poor service, cancelled flights, lost baggage and the expiration of COVID-19 credits amid retiring CEO Alan Joyce receiving $21.4 million in earnings over FY23.
There was also a class action lawsuit regarding the handling of cancelled flights during the pandemic. The Federal Court ruled the airline had illegally sacked 1,683 workers, and the Australian Competition and Consumer Commission (ACCC) is suing Qantas for allegedly selling tickets for cancelled flights.
Goldman Sachs has a conviction buy rating on the beleaguered ASX 200 travel share. The broker's 12-month share price target is $8.25, indicating a potential upside of 53% for investors who buy today.
ResMed shares rebounding but there's still time to buy
The ResMed CDI (ASX: RMD) share price is down 17.1% in the year to date. It is currently trading at $25.23, down 0.86% on Thursday.
There has been some recovery in the ResMed share price recently, but it is still well down on its 52-week high of $36.37. The 52-week low is $21.14.
This year's sell-off is largely related to market jitters over the impact of the wonder weight-loss drug, Ozempic.
Originally a diabetes medication, Ozempic is now also being prescribed for obesity, and investors are concerned this may reduce demand for ResMed's sleep apnea devices given obesity is a common precursor to sleep apnea.
Macquarie has an outperform rating on ResMed shares with a $33.40 price target. This implies a potential 32.4% upside for investors who buy now.
Stagnated ASX 200 blue-chip giant a buy right now
The CSL Limited (ASX: CSL) share price has risen by just 1.5% in the year to date. It is currently trading at $286.11, up 0.16% on Thursday.
Its 52-week high is $314.28 and its 52-week low is $228.65.
The healthcare giant has also been affected by Ozempic, given recent studies show it may also be an effective treatment for chronic kidney disease (CKD).
Two years ago, CSL forked out $18 billion to acquire CKD business, Vifor.
Morgan Stanley analyst Sean Laaman also attributes CSL's lacklustre share price performance in 2023 to other product disruption threats and a slower recovery in its plasma collections following COVID-19.
The best time to buy would have been late October when the stock was in the $230 range. However several top brokers say CSL shares are still attractive at today's price level.
Goldman Sachs has a buy rating and a 12-month price target of $309. Citi also has a buy rating and a more bullish $325 price target, implying a potential 13.6% uplift for investors in 2024.
