Here are three ASX shares that have caught my eye today.
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Life360 Inc (ASX: 360)
Life360 shares have dropped another 5.94% on Wednesday, to $26.94 a piece. The latest decline means the shares are now down over 50% from their peak in October last year, and for the year-to-date, Life360 shares have fallen 17.01%.
There hasn't been any price-sensitive news out of the business today, which suggests the latest daily decline is down to broad tech market weakness, dwindling market sentiment and potentially investors taking gains off the table.
But I think the new share price presents a great opportunity for investors to buy the tech stock at a discount. Its latest quarterly update in late January was well ahead of guidance and forecasts. Life360 said it continues to see strong user acquisition and monetisation in both its core US and fast-growing international markets. The company expects more growth this year, too.
Analysts are mostly bullish on the shares' outlook this year, with some tipping a target price as high as $49.69 over the next 12 months. That implies an 84.45% upside at the time of writing.
Iperionx Ltd (ASX: IPX)
Iperionix shares closed 0.44% higher on Wednesday afternoon at $6.82 per share. For the year-to-date, the ASX materials share has already climbed 17.79%
The titanium metal and critical materials company was one of the best-performing stocks on the ASX index in January, after it received a prototype purchase order valued at US$300,000 from American Rheinmetall.
Late last month, the company said it would ramp up production in order to become America's largest and lowest-cost titanium powder producer. And I'm optimistic that this growth will keep building through 2026, and that the company's share price will follow suit.
Analysts are equally bullish and have a strong buy consensus rating on its shares. The maximum target price is $11.03, which implies a potential 61.67% upside at the time of writing.
Electro Optic Systems Holdings Ltd (ASX: EOS)
EOS shares are a compelling option for investors seeking exposure to global defence stocks. The ASX shares have dropped 7.59% to close at $7.56 a piece on Wednesday. The latest decline represents a 24.22% fall for the year-to-date.
The shares have fallen sharply since late January, dropping over 30% within the last two weeks alone. It looks like investors locked in their gains late last month, and then the sell-off has continued into February after speculation that the company might move its headquarters and stock market listing from Australia to Europe to capitalise on rapidly rising defence spending across the region.
But I still think there is plenty of potential left for the Aussie defence stock, and I'm confident it'll continue to benefit from surging demand for exposure to the defence sector amid ongoing geopolitical volatility. With that in mind, the current share price looks like a bargain.
The shares remain a strong buy among investors, with a maximum target price of $12.72. That implied a potential 68.25% upside at the time of writing.
