Several high-profile ASX tech shares have been hammered in recent months, with some technology stocks falling as much as 50%.
The S&P/ASX 200 Information Technology Index (ASX: XIJ) has dropped 22% this year and over 43% in the past 6 months at the time of writing.
But that sell-off is turning heads. Brokers see a number of quality companies poised for a strong rebound, with some tipping upside of 100% or more.
Here are two ASX tech shares that could be set for a comeback.
Image source: Getty Images
WiseTech Global Ltd (ASX: WTC)
WiseTech has been heavily sold off. The ASX tech share is down about 54% over the past 6 months to $44.97 at the time of writing. The company develops logistics software, led by its CargoWise platform, which helps freight forwarders manage global supply chains.
Despite the sharp decline, WiseTech remains one of Australia's leading software success stories. CargoWise is deeply embedded across the logistics industry, creating high switching costs and a strong competitive moat.
The business also benefits from a highly scalable model. Once the platform is built, adding new customers comes at a relatively low cost, supporting margins and long-term earnings growth.
However, sentiment has been hit by governance concerns and rising fears that artificial intelligence could disrupt traditional software models. The company is responding, announcing a major restructuring and job cuts as it pivots toward AI-driven operations.
Even so, analysts remain positive. The ASX tech share still carries a consensus buy rating, with an average price target of $85.10 and a bullish case of $122.64. That suggests potential upside of 90% to 170% from recent levels.
NextDC Ltd (ASX: NXT)
The fall of this ASX tech share has been less dramatic, but still significant. Over 6 months, NextDC shares have lost 25%, shedding the company's market capitalisation to $8.5 billion.
NextDC operates a growing network of high-performance data centres across Australia. It provides critical infrastructure for cloud computing, AI, and enterprise digital services.
Demand is booming as businesses accelerate their shift to the cloud and ramp up AI workloads. NextDC is well placed to benefit, continuing to expand capacity and build new facilities across major cities.
The company has also been increasing contracted utilisation, indicating customers are committing to long-term data centre capacity. That's a positive sign for future revenue visibility.
That said, the business is capital-intensive. Building data centres requires significant upfront investment, which can weigh on short-term profitability. Higher interest rates also pose a risk by increasing financing costs.
Despite these challenges, analysts are bullish. The ASX share has a price target of up to $31.02. This points to a 132% upside over the next 12 months at the current price of $13.39 apiece.
