Here at The Motley Fool, we are constantly sifting through the noise to find ASX shares that could be undervalued.
Of course, not every down-and-out company is a value.
But here are three ASX shares that might have fallen too far to ignore.
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Telix Pharmaceuticals Ltd (ASX: TLX)
Telix is a commercial-stage biopharmaceutical company focused on the ongoing development of diagnostic and therapeutic ('theranostic') products using targeted radiation.
This ASX healthcare stock has fallen 22% year to date and more than 67% in the last 12 months.
Yesterday, its share price closed at $8.84.
However, it was just upgraded to a strong buy rating from analysts via the CommSec platform, which could indicate that it is now below fair value.
This includes a buy rating from Citi with a $34 price target and a buy rating and $20 price target from TD Cowen.
Bell Potter sits in the middle with a price target of $23.
From yesterday's closing price, this indicates an upside between 126% and 284%.
Block Inc (ASX: XYZ)
Block is a global company best known for providing payment-acquiring and related services to businesses.
Its share price is down almost 28% year to date and 46.8% over the last 12 months.
Yesterday it closed at $70.47.
Despite the fall, it did post some impressive profit results last year.
It has been dealing with headwinds like rising interest rates, sour buy now, pay later sentiment, and regulatory struggles.
But with these ASX shares now close to 52-week lows, it could be simply too cheap to pass up.
Recent analyst estimates include positive ratings and an average target price of $164.67.
That indicates an upside of 133.6% for these battered ASX shares.
Guzman y Gomez Ltd (ASX: GYG)
Guzman y Gomez is a Mexican-inspired quick-service restaurant operator and franchisor, mostly operating in Australia.
After a positive debut on the ASX back in mid-2024, it's been a steady fall for these ASX shares.
GYG shares are now down almost 55% in the last year, closing yesterday at $19.50.
Despite the fall, sentiment for these ASX shares has started to turn, with experts seeing long-term value in the company.
Earnings last year were positive; however, an important date to watch for prospective investors will be Friday, February 20, when the company releases H1 FY26 results.
Late last month, Morgans placed a buy rating and $32.30 price target on GYG shares thanks to optimism around new products.
This indicates an upside of more than 65%.
