It has been a choppy year for parts of the ASX 200, with several former market darlings falling out of favour.
But when quality companies experience heavy share price declines, it can often open up compelling long-term opportunities for investors who are willing to look past the near-term noise.
Here are three oversold ASX 200 shares that analysts think may be primed for a rebound.
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Domino's Pizza Enterprises Ltd (ASX: DMP)
It's been a rough stretch for Domino's, with its share price tumbling approximately 46% over the past 12 months. Margin pressures, weaker-than-expected sales growth, and the rising cost of living have taken a big bite out of investor sentiment.
However, Domino's remains a powerful global brand with a large footprint across Europe and Asia. Management is focused on restoring profitability by optimising its store base, improving franchisee performance, and leveraging technology. With a leaner, more disciplined model in place, Domino's could deliver a tastier performance over the medium term.
Goldman Sachs sees value in its shares and has a buy rating and $37.30 price target on them. This implies potential upside of almost 80% for investors.
WiseTech Global Ltd (ASX: WTC)
Despite rebounding strongly from recent lows, WiseTech shares are still down 24% from their 52-week high.
WiseTech is a global leader in logistics software, powering supply chain operations across the globe. With sticky customers, strong margins, and a long runway for global expansion, WiseTech arguably remains one of the highest quality tech shares on the ASX 200.
This recent share price weakness could be a chance for long-term investors to accumulate a strong structural winner at more reasonable levels. Macquarie certainly thinks this is the case. It has an overweight rating and $152.70 price target on its shares. This suggests that its shares could rise 42% from current levels.
Web Travel Group Ltd (ASX: WEB)
Finally, Web Travel — the travel technology business formerly known as Webjet — has seen its share price slide more than 40% over the past year.
This was driven by a surprise deterioration in the WebBeds business' performance and margins late last year. However, since then, things have been improving steadily, setting the ASX 200 share up for strong and sustainable growth again.
And while it shares have rebounded in recent weeks, the team at Macquarie still sees plenty more upside for investors. Its analysts recently put an overweight rating and $6.19 price target on them. This implies potential upside of 25% for investors.
